Plans lodged for £450m Coventry city centre regeneration scheme
Development partners, the Hill Group and Shearer Property Group have submitted a reserved matters application for the first of two phases of the City Centre South regeneration project.
The first phase includes 991 new homes, with 200 designated as affordable housing, along with 8,000 sq m of commercial space.
Phase 2 will include additional commercial space and up to 584 homes.
The £450m mixed-use development, which secured outline planning consent in January 2022 aims to reshape Coventry, establishing a pedestrian-friendly hub for residential, shopping and leisure activities.
Pending planning approval, construction is anticipated to commence in Summer 2024, with the initial homes ready for occupancy by the close of 2026.
Housing options range from studios to three-bedroom homes. Of the 200 affordable homes, most will be for social rent and situated within the initial two buildings. The remaining 791 private homes will be available for open market sale and rent.
Councillor Jim O’Boyle, cabinet member for jobs, regeneration and climate change said: “This is a positive step forward. City Centres are changing so this private sector investment will not only breathe new life into the area it will create a thriving, bustling new community that can help to support shops and restaurants and leisure attractions.
“We have seen how our work in the Upper Precinct and the area around Bull Yard has attracted families back into the city centre – now imagine that on an even bigger scale. This is a really exciting regeneration that will also create jobs and training opportunities during construction and afterwards.
“I’m glad that every new home will have a balcony or terrace space – this proved to be valuable during COVID – and the developer has worked hard to ensure this will be available to every resident. I look forward to work starting on site.”
Andy Street, the Mayor of the West Midlands and Chair of the West Midlands Combined Authority, said: “City Centre South will help completely transform Coventry City Centre, and I’m delighted we could put significant cash on the table to make it happen. Not only will this project bring about major regeneration, but it will also provide significant numbers of homes and jobs for the people of Coventry. I’m particularly pleased therefore to see the number of affordable homes coming forward as part of Phase One, something we were insistent on as part of our funding agreement.
“Our near-£100m investment is one of the biggest we’ve ever made as a Combined Authority, showing just how much we believe in this scheme and the city of Coventry.”