Council reveals plans to take back ownership of shopping centre

Coventry City Council is to discuss plans to take back the ownership and management of the Lower Precinct and Coventry Market.

The council already owns the freehold of the site, but Royal London Asset Management has a long-term lease over Lower Precinct and the market.

The authority said discussions are now underway for the council to take back that lease.

A report proposing the council enters into an agreement with Royal London will be discussed at cabinet next week.

Two options are being considered – taking over the whole lease for both the Lower Precinct and the Market, or a part of the lease covering just the market.

The Lower Precinct is right in the heart of the city centre, covering 200,000 sq ft of retail space across more than 40 commercial units.

The market has stood on the current site since 1958.

Cllr Jim O’Boyle said: “Our city centre has gone through some incredible changes and there is a lot of work still to come as we make it a truly modern centre that is attractive to shoppers, visitors, and businesses.

“City Centre South will be a major step in that work, but we also want to make sure that we protect our much-loved assets such as the Lower Precinct and Market.

“It makes sense for us as a council so we are in a position to take action when needed and make sure they have a strong and healthy future – just as we are doing with the rest of the city centre and the city as a whole.

“We know how much these sites are valued by local people, and we know the history of them and the way generations have shopped at the Market. This action will allow us to protect that history, combining the best of the old and the best of the new as the city centre evolves and moves forward.”

The plan will be discussed at a meeting on 14 March.