City & Country has exchanged contracts to buy the former Legal & General (L&G) headquarters in Kingswood.
The 47.5-acre site was left empty in 2018 and has existing planning permission for 280 care dwellings with a wellness centre, swimming pool, restaurant and storage units.
City & Country said it will re-submit plans for the site.
The site includes several existing buildings such as Grade II offices and the former St Monica’s School, which is locally listed.
A Section 106 agreement was signed in September 2020, including plans to improve local footpaths and level crossings.
Knight Frank acted on the disposal of the site.
Wayne Douglas, managing director at City & Country, said: “At City & Country, we have a strong track record in preserving our nation’s important listed buildings by delivering new high-quality developments, so this site is a perfect fit for us.
“The former L&G House represents another exciting, high-profile development opportunity for the business which we are confident will further enhance our reputation in the industry as well as contribute to the new housing that the country needs.
“We are looking forward to sharing more plans in the near future to meet the evolving needs of the community and bringing new life to this site which has been vacant for too long.”
Simon Marner, land and property director at City & Country, said: “The team at City & Country have a passion for breathing new life into existing heritage buildings and historic sites to secure their long-term future so that they can be enjoyed both in the short term and by future generations.
“Our philosophy as a developer is to create places where owners, tenants, and residents aspire to want to live and work.”
