Bristol City Council's Baltic Wharf Development Plan Hit by Hurdles

Bristol City Council's ambitious plan to redevelop the prime Baltic Wharf site into 166 flats has hit a roadblock, with no agreement yet reached between the council's housing developer arm Goram Homes and external developer The Hill Group over the complex ownership structure. The land, which was previously owned by the city council, remains a contentious issue, with critics accusing the council of selling off a prime piece of real estate at a cut-price deal. The structure of the plan involves Goram Homes transferring the land to a joint venture partnership with The Hill Group, which will build the 166 flats, but the details of the ownership arrangement, including who will own the freehold and the land, are still being negotiated.

Key Takeaways:

• The land at Baltic Wharf has not been sold to The Hill Group, contrary to previous speculation, and remains under the ownership of Bristol City Council.
• Goram Homes has entered into a joint venture partnership with The Hill Group to develop the site, but the ownership structure of the land and the flats is still being finalized.
• The partnership will set up a management company to manage communal areas on the site, but the details of this arrangement are yet to be confirmed.
• The council's original plan to buy back 66 of the 166 homes and rent them out as council homes has been scrapped due to budget constraints.
• An alternative plan is for Sovereign Housing Association to apply for government funding to purchase 66 of the flats, with 50 to be rented out at social rent levels and 16 offered for sale through a shared ownership scheme.
• The status of the remaining 100 flats remains uncertain, with a possibility of being sold on the open market, potentially generating between £30 million and £50 million in sales.
• Two-bedroom flats in the area are currently on sale for between £300,000 and over £500,000, highlighting the value of the prime property.

Statistics:

• 166: The number of flats planned for development at Baltic Wharf.
• 66: The number of homes designated as "affordable" homes in the plan, now set to be purchased by Sovereign Housing Association.
• £30 million - £50 million: The potential sales value of the remaining 100 flats if sold on the open market.
• £300,000 - £500,000: The sale prices of two-bedroom flats in the surrounding area.
• 50: The number of homes to be rented out at social rent levels through the Home Choice scheme.
• 16: The number of homes to be sold through a shared ownership scheme.
• 100: The number of flats remaining uncertain in terms of ownership and potential sales.

Sources:

• Bristol Post: "Bristol City Council's Baltic Wharf development plan in jeopardy as land ownership remains unclear"
• Goram Homes: Statement to the Post regarding the joint venture partnership with The Hill Group.