LaSalle and Deeley Freed obtain planning permission for Bristol shopping centre redevelopment

BRISTOL (January 30, 2025) – LaSalle Investment Management (“LaSalle“), the global real estate investment manager together with its development partner Deeley Freed, has obtained outline planning permission for The Galleries Shopping Centre, Bristol.

The Galleries is situated in a prime location in Bristol’s city centre, adjacent to Castle Park, with excellent connectivity to public transport including Temple Meads station. The redevelopment will help unlock the Bristol City Council’s plans to regenerate the city centre. The surrounding infrastructure will undergo significant enhancements, becoming greener and more pedestrian-friendly. The redevelopment will support the Council’s sustainability goals, facilitating the delivery of a low-carbon District Heat Network and enhancing urban accessibility.

The proposed development includes plans for up to 450 new homes and 8,000 sq m of ground-floor space dedicated to retail, leisure, dining, health, and community facilities. In addition, the site will feature approximately 46,000 sq m of modern, sustainable employment space, the potential for a 240-room hotel or aparthotel, and up to 750 purpose-built student bedrooms. The development will also incorporate 1.5 acres of high-quality public realm which will look to bring Castle Park closer to the city centre.

A central feature of the project will be a new green transportation hub accessed via Fairfax Street, shifting the focus away from parking towards sustainable travel options. This regeneration project also aims to enliven Bristol’s nighttime economy, re-imagining the area as a vibrant city centre destination that will benefit residents and visitors. Additionally, the proposal reimagines public spaces – where the current Galleries site lack open areas, the new design will dedicate a third of the site to high-quality, welcoming public space. The redevelopment thoughtfully incorporates Bristol’s heritage by preserving the Merchant Almshouses and Greyhound Hotel, currently obscured by the Galleries structure, into the new design.

Tom Lewis, Fund Manager, UK Custom Accounts, LaSalle Investment Management said: “Following an extensive consultation process with local stakeholders, we’re delighted to have secured planning approval to transform Bristol city centre and provide the local community with new homes, commercial space, amenities, and green space. We’re committed to investing for the long term and this ambitious redevelopment scheme demonstrates our ability to create value and better meet the needs of future residents, occupiers and visitors.”

Max Freed, Director, from Bristol-based Deeley Freed, comments: “We’re delighted Bristol City Council has voted to support this redevelopment project. It is a once-in-a-generation chance to re-invent, revitalize and modernize such a large part of the city centre. Our vision involves completely transforming this 1980s shopping centre, making the site more diverse, safe and sustainable. The redevelopment of this site will bring more people to live and work in the city centre, accelerating the regeneration of the area.”

ENDS

About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$88.8 billion of assets in private and public real estate equity and debt investments as of Q3 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.

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About LaSalle Debt Investments

LaSalle Debt Investments is part of LaSalle’s growing US$10 billion Debt and Value-Add Strategies platform in Europe and invests in a diverse range of real estate credit solutions – spanning senior loans, whole loans, mezzanine, development finance, corporate finance, NAV facilities and preferred equity – with significant experience across various sectors, geographies, deal sizes and capital structures. Since launching the business line in 2010, LaSalle has been one of Europe’s most active alternative real estate debt providers with a long track record of lending to best-in-class sponsors.