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The 500-bed Freestone Island development scheme in the Temple Meads area of Bristol was originally timetabled to open by September next year, but delays in gaining key Gateway 2 approval to start construction have now pushed the project back by around a year.
Joe Lister, Unite chief executive, said this morning that new supply of PBSA is down 60% on pre-pandemic levels, reflecting viability challenges created by higher costs of construction and funding as well as planning backlogs and time required to secure Building Safety Act approvals.
“Planning timescales remain protracted due to limited planning resource for local authorities, resulting in longer delivery programmes which challenge viability.
“We expect the combination of complex planning, increasing regulation, and higher build and funding costs to restrict the delivery of new supply for several years,” he warned.
He added: “We expect these gateways will add around six months to PBSA development programmes once embedded, putting pressure on returns and further slowing new supply. Our appraisals and delivery targets reflect the expected impact of the Act.
