Clifton Down Shopping Centre has been bought during an 'ambitious' £27.2 million deal.
Bosses at Sovereign Housing Association say they plan to build a 'major mixed use development' at the site.
A local residential property and smaller surface car park have also been purchased as part of the multi-million-pound investment.
The shopping centre, on Whiteladies Road, was built in the early 1980’s, and along with its car park covers more than three acres.
Tom Titherington, executive director of development and commercial for Sovereign, said: “We have ambitions around taking more of a land-led approach, and the control that gives us, in our development plans and so we are delighted to have secured the Clifton Down shopping centre and the adjacent land.
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“This is a retail led, mixed use investment and is a really exciting opportunity for us as a business.
"The income will allow us to increase our development programme, and in the medium to long term there is the potential to redevelop the site to create a sustainable major mixed use development to include affordable and market housing.”
Income generated from the project could pay for additional affordable housing across the south of England, bosses said.
James Gibson, development director, said: “It is fantastic for us and the area. It is the largest commercial investment owned by Sovereign and it is really good news for the business, especially in the current climate.”
