£12 Million Investment for Bristol's Wapping Wharf

I know that £12 million doesn't buy you as much as it used to, but it's still a considerable sum of money, and Bristol is about to benefit from the government's largesse. Work is to start soon on a regeneration project to build nearly 200 new homes in Bristol's docklands which will be built on a large brownfield site at Wapping Wharf, the area between the M shed museum and Cumberland Road.

Plans were drawn up and agreed a few years ago but were put on hold as the financial downturn kicked in. Now they have been kick started by a £12 million investment by the Homes and Communities Agency (HCA),the Government body for housing.

The project includes 194 new and affordable homes, retail space, a pedestrian and cycle route and a public square on the site. Developers Umberslade are expected to start work in March and finish the first phase next year. But the site has the potential to eventually deliver 625 apartments, a new hotel and 250,000 sq ft of retail and office space. The development stalled during the last five years because of a lack of available loan finance.

The HCA's cash injection is the largest through its Get Britain Building programme which is helping house builders to deliver more than 15,000 new homes across the country, protecting and creating thousands of jobs.

Umberslade managing director Stuart Hatton said: "This investment has played a significant part in helping unlock the continued development of what has been a huge success story for Bristol over the last 25 years. We see this as a vote of confidence in what we are working to achieve and we're focused on ensuring that this investment makes a positive difference to the city centre."

HCA executive director for the south and south west Colin Molton said: "It is great news that work can continue at this vitally important project, which is delivering much needed high quality new homes and jobs for Bristol. The Harbourside has been a hugely successful project, which has transformed the former docks. This investment will build on that success by delivering new homes and safeguarding jobs that will be hugely welcome to the local economy. It's good to see that the Get Britain Building programme is delivering new homes and safeguarding jobs in our area by supporting this project."

Bristol mayor George Ferguson, said: "This is crucial investment by the HCA that will kick start further regeneration of Wapping Wharf and deliver important new and affordable housing on the Harbourside. The potential for this site is enormous and I look forward to work starting soon and securing more Get Britain Building programme funding for the city."

There is no doubt that the merchants, traders and entrepreneurs who made Bristol great in its heyday as a leading port would not recognise the place now, with giant steps having been taken over the years to keep itself to the forefront as a top tourist destination and business centre.