Source: United Kingdom – Government Statements
Home Building Fund — The PG Group
A development loan from Homes England helped The PG Group transform a derelict site in Bristol into a vibrant new neighbourhood
The Carriageworks is a landmark brownfield site in Bristol which has been derelict for the past 30 years. A listed building, it was originally a Victorian commercial building used for the manufacture of horse drawn carriages. Having acquired the site in 2017, the PG Group proposed a place making scheme of apartments and retail units at the site in central Stokes Croft.
However, the group encountered numerous challenges in bringing the site forward, with rising construction costs, complex planning negotiations, contractor availability, high levels of remediation and a lack of funding options available in the market.
This is where Homes England stepped in, approving an initial loan to fund the development of 124 new homes and retail commercial units on the ground floor.
Assisted by close communication with the local community throughout the process, the scheme has proved an unqualified success, with all homes sold and the market square providing Stokes Croft with a new focal point.
Stuart Gaiger, Managing Director at PG Group, said:
The Carriageworks has been one of the most technically challenging sites that the PG Group has undertaken. Combining difficult ground conditions, an ambitious scheme delivering residential accommodation and a strong placemaking theme, all delivered on a brownfield site in Bristol’s busy city centre.
Given the challenges we faced, we were delighted be able to work with the team at Homes England who rapidly became valued partners. Their unique approach allowed us to deliver much needed residential, affordable housing and the community vision for placemaking aspects of the scheme.
In addition, through support from Homes England we were able to more than treble the number of affordable homes on the site.
More information about the Home Building Fund can be found on our Home Building Fund — development finance page, or you can get in touch with one of our regional specialists. You can:
- Call 0300 1234 500
- Email fundingenquiries@homesengland.gov.uk
- Enquire about the Home Building Fund online