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Legal and General has launched a public consultation on its plans to build offices, a hotel, conference centre and hundreds of homes in Bristol city centre.

The financial services giant has committed to investing £350m to transform the disused site near Temple Meads railway station, after reaching an agreement with Bristol City Council last year.

In return the local authority will spend £32m getting the derelict plot ready, including sorting contamination issues, before leasing Temple Island to the asset management firm for 250 years. The council will also guarantee L&G rent on the office space for 40 years.

L&G’s said its proposals for the 2.74 hectares brownfield site could bring 500 new homes, with a target of 40% classified as affordable housing, and up to 2,000 new jobs.

The scheme is part of the wider Temple Quarter regeneration project, and L&G would share Temple Island with the University of Bristol, which is currently developing the northern part of the site.

Bristol residents are being invited to attend drop-in events at the Engine Shed office building by Temple Meads next month, to give their views on the plans.

Ben Rodgers, head of regeneration for Legal & General Investment Management, said: “We are truly excited to continue the conversation about the future of Temple Island. The project presents a huge opportunity to create a scheme which puts sustainability, inclusivity and wellbeing at the heart of its design.

“Temple Island has stood vacant since 1995, so we’re delighted to discuss our proposals to deliver a vibrant new district, offering major employment opportunities, much-needed homes as well as the facilities to attract tourism and delegates from around the world. We really believe this scheme will play its part in supporting the growth of Bristol, and cementing its position as a leading place to live and work.”