The quick sale of Kier’s half-finished ‘Urban Quarter’ development on Hengrove Lane, adjacent to Hengrove Leisure Centre to Terra Firma, a European private equity outfit, operating under the brand Tilia spells trouble for locals and increased profit for financiers.
The first thing Terra Firma have done is go back to Bristol City Council to alter the planning permission. Their request? That they can add two storeys to a couple of the proposed blocks of flats there.
While this will increase the amount of people and vehicles on a crowded site, it will also increase profits for a shadowy group from Europe’s financial elite.
This is also, of course, a profitable little private equity trick that can be pulled off elsewhere in South Bristol where the amount of unsustainable housing development on their open space, accompanied by few new public services or facilities, already has locals up in arms.
The housing crisis is turning out to be a nice little earner for some isn’t it? And a new kind of hell for others.
The first tranche of
new housing at HENGROVE PARK, courtesy of corporate developer Kier, has
appeared next to Hengrove Park Leisure Centre. Despite being obviously located
in SUBURBAN SOUTH BRISTOL, it’s called ‘Urban Quarter’ and is being marketed
with the tired strapline “Modern living in Bristol”. Meanwhile,
Kier’s website illustrates its Hengrove Park location with photos of, er,
COLLEGE GREEN and the WILLS BUILDING.
It also says here, “Urban Quarter is an EXCITING DEVELOPMENT of 261 new homes. The development offers a
variety of bespoke 2, 3 & 4 bedroom homes. Ideal for FIRST-TIME BUYERS,THOSE
LOOKING TO MOVE UP THE PROPERTY LADDER along with GROWING FAMILIES looking for their forever home.”
Although any first time buyers or Bristolians with a growing family may be
interested to hear that prices for a 3-bed home start at £310,000 and for a 4-bed at £410,000.
This means any property available in this “attractive urban living
environment” is, at least, TEN
TIMES MORE than the average salary in south Bristol.