Cabinet has agreed funding for Bristol City Council to buy the Citypoint building, opposite Station Approach, in the Bristol Temple Quarter Enterprise Zone.
The council already owns the freehold interest in the building however the purchase of the building would allow the council more influence over this key redevelopment site within the Enterprise Zone.
George Ferguson, Mayor of Bristol said:
“The Citypoint building at the bottom of Station Approach is one of the first buildings visitors see when they arrive by train at Temple Meads station and it is far from a pretty site. However the purchase of this building is a strategic move to give the council the opportunity to redevelop this site in the future to meet our aspirations to improve this important gateway to Bristol and the region. This is a long-term plan as there are a number of long lease tenants in the building, so in the short-term until we can realise more ambitious plans the purchase would provide an income for the city with a much better return on investment than we could obtain elsewhere.”
The agreement to fund this purchase follows the acquisition by the council of the derelict former Post Office Site on Cattle Market Road in May, another key site in the Enterprise Zone. The Enterprise Zone offers an opportunity to create a new vibrant quarter for the city and aims to create over 17,000 jobs over 25 years.