Future of multi-million pound development left hanging in the balance

Multi-million pound plans to develop a key site in Bristol has been left hanging in the balance.

Property developer Conygar is hopeful that it can make an announcement on the future of the Bristol Fruit Market by next April.

The developer, through its business Conygar Bristol, has a conditional contract to redevelop the wholesale fruit market in the St Philips area of the city.

There had been plans to build a new stadium on the site for Bristol Rovers on the site but talks between the developer and the club broke down after several weeks.

The site is in the centre of what will be Bristol’s biggest regeneration areas and plans to redevelop the area are being backed by the city council.

Conygar Bristol Limited has entered into a conditional contract with the Wholesale Fruit Centre Limited to acquire the 14.7 acre site  and has paid an initial deposit of £450,000.

Completion of the acquisition is conditional  on the granting of planning permission for the site.

In addition, all tenants are required to have surrendered their existing leases by 6 April 2024 and the market licence for the site terminated.

Conygar has the option of terminating its contract if the conditions are not met by the start of next April.

A statement from the developer said “We intend to utilise part of the net proceeds from the ZDP share placing and ASK loan to further progress the Bristol planning application and hope to make announcements in that regard over the next financial year.”