Coventry to get new food and drink quarter after £5.5m Cathedral Lanes deal

SHEARER Property Group has paid around £5.5m for the Cathedral Lanes shopping centre in Coventry’s Broadgate and plans to create a new food and drink quarter.

It says it has already attracted interest from several leading restaurant brands not currently operating in the city.

The deal was completed yesterday and the new owners plan to have the first phase completed in time to have restaurants and bars operating by Christmas 2015.

Shearer Property Group, which has bought the 65,000 sq ft centre from Hammersons, specialise in urban regeneration projects. It is based in London but has worked across the UK in towns and cities including Bath, Cambridge, and Shrewsbury.

The firm’s Guy Shearer said: “We have known the city – and Cathedral Lanes – for many years, and when I came to look at it again earlier in the year, I was amazed at the improvements made in the city centre.

“I think the recent works undertaken by the council have transformed Broadgate Square.

“The building has south and west facing aspects which are perfect for its conversion into a restaurant destination with outdoor seating, and the way it is constructed will allow us to transform it into a striking new building.

“Coventry is a great city which has recently under-performed in developing its retail and restaurant offer, and our scheme will give it a major boost and start to put the city where it should be.”

Shearer said the west elevation of the building, which fronts on to Broadgate and High Street, would be the first to be transformed with each of the principal new restaurant operators investing around £1m in fit outs.

Cllr Ann Lucas, leader of Coventry City Council said: “I’m really pleased the new owners are committed to making some real improvements to Cathedral Lanes, and have some exciting plans that will breathe new life into the city centre.

“We know how much Coventry people want to see changes to Cathedral Lanes.”