South West developer Rengen Developments has acquired the last phase of the Bristol Paintworks regeneration completing a £30M deal with vendor Verve Properties.
Plans for the fourth phase of the development were approved in December 2016 and include 92 apartments alongside new office and commercial space. The proposals include the demolition of the former Endemol building and part of Building Six to make way for new structures of between four and eight storeys high.
Once completed, the new buildings will provide circa 19,000 sq ft of commercial space, and 92 apartments. 128 car parking spaces are also included in the scheme along with public open space and landscaping works.
CEO of Rengen Developments, Iestyn Lewis, said, “We are pleased to have secured this next phase of the Paintworks development having acquired this strategically important site.
“The Paintworks has a far-reaching reputation as a business and community hub, a creative quarter and a fantastic place to work and live. As a company we are committed to delivering housing and business space which complements and enhances the unique identity of the area.
“In line with the Paintworks mantra, we don’t see this as just a development. We see it as the creation of a place where people will want to work and live. We’re excited to get started on the project.”
It has been estimated that that the development could create up to 150 full-time jobs, an increase on the number provided by Endemol, prior to its relocation.
Ashley Nicholson, Director of Verve Properties added, “The idea for Paintworks was sketched onto a napkin in 2002 and it is really exciting to be completing the vision in line with that original concept.
“We’re pleased to be working with Rengen on phase four which is the final piece of the jigsaw. It will add the missing finishing touches such as a shop, restaurant and café and make Paintworks complete.”
The first two phases of development at the Paintworks involved the conversion and reuse of the former industrial and warehouse buildings at the western end of former Central Trading Estate.