Bridges Ventures backs Bristol’s first Passivhaus residential development
The Bridges Sustainable Property Fund has joined forces with property developers Urbis to build a new, highly sustainable residential development in Bristol’s Bedminster.
The project, on the site of a long-abandoned Gala Bingo venue towards the eastern end of North Street, is the latest in a growing list of positive developments for the south Bristol suburb, which is becoming established as a centre for the creative arts as well as playing host each May to the Upfest arts weekend.
Managed by specialist fund manager Bridges Ventures, the Bridges Sustainable Property Fund invests in properties in regeneration areas and those showing environmental leadership. The fund will finance the project and will work closely with Urbis to create one of the most sustainable developments in the city. Work will start next month with the demolition of the former, and now derelict, Gala Bingo, with full site clearance expected by the end of August. Building works to create 26 residential units will be underway in September.
The development, designed by Bristol architects practice Origin 3, will be built to the international Passivhaus standard which requires very high levels of insulation and draught exclusion, resulting in very little need for heating. It will be the first Passivhaus development in Bristol, a city that is already leading the way in sustainability and has just been named as European Green Capital for 2015.
Guy Bowden, acquisitions director at Bridges Ventures, said: “We are delighted to be working with Urbis in this exciting project that we hope will set new standards for energy efficiency in a city that is already showing leadership in this area. In addition to the sustainable features of the project, we are investing in a very strong residential area of the city with potential to deliver attractive returns for our investors.”
Richard Clarke, managing director of Urbis, said: “Bedminster is a fantastic area and we hope our sustainable development will provide another boost to this attractive part of the city. We think this eastern end of North Street has great potential, with some brilliant businesses here already plus a strong and growing leisure economy. Every new investment and new business helps, and we want to play our part.”
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Notes to Editors About Bridges Ventures Bridges Ventures LLP (“Bridges Ventures”) is a specialist fund manager dedicated to using an impact-driven investment approach to create superior returns for both investors and society at large. Bridges Ventures has raised six funds to date which total almost £300m: Sustainable Growth Funds I, II and III, the Bridges Sustainable Property Fund, the CarePlaces Fund, the Bridges Social Entrepreneurs Fund and the Bridges Social Impact Bond Fund.
About Urbis Urbis Development Ltd creates attractive, environmentally sustainable urban properties in the South West of England. Projects range from brownfield new build to city centre refurbishments and from small projects (under 20 homes) to much larger developments (100+ homes). Urbis manages the end to end development process, from site acquisition to sale, using a team of established professionals, including architects, contractors and craftspeople, to create modern homes that fit within the community in which they are built. It takes a strong environmental approach to each project, using sustainable construction methods and other approaches that reduce impact on the environment.
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