Funding puts £450m Coventry regeneration scheme back on track
£12.24m of additional funding has been unlocked by the West Midlands Combined Authority (WMCA), to drive forward a £450m regeneration of Coventry city centre.
It is being spearheaded by developers The Hill Group and Shearer Property Group which are working in partnership with Coventry City Council and the WMCA. The outdated areas of the city, including Bull Yard, Shelton Square, City Arcade, and Hertford Street are set to be transformed.
A reserved matters application for the first of two phases of the City Centre South regeneration project has been submitted and is anticipated to be granted in Spring. It will bring forward 1,575 homes, retail and leisure space, a community health centre and hotel development with 150 rooms in the second phase.
The development, which covers 6.3 hectares of land, will start in 2024 and complete in stages, with the first homes expected to be occupied from 2027. The first phase completion is expected to be 2031.
It brings the WMCA’s total funding for City Centre South to £113m – the biggest investment the combined authority has made to date into a single regeneration scheme. Coventry City Council is contributing £32m.
Andy Street, Mayor of the West Midlands and Chair of the WMCA, said: “This is an exciting time for Coventry as this brownfield redevelopment represents a landmark investment and significant regeneration opportunity – the likes of which this city has not seen for decades.
“The City Centre South scheme is proof that the Deeper Devolution Deal – agreed with Government in March 2023 – is delivering results on the ground by empowering us with the autonomy to align with the local needs of Coventry residents with new apartments and office spaces.
“It’s great to see a vibrant new district come to life in this historic part of the city and I’m looking forward to visiting it once completed.”
Cllr Ian Courts, leader of Solihull Council and portfolio holder for housing and land for the WMCA, said: “This significant investment in Coventry will I’m sure help the city centre thrive and it’s great to see WMCA being able to support the City Council with their vision for the town.
“We want our investments to provide the best quality of life for residents, creating homes and communities that are safe and affordable. This additional money will ensure both, and I am sure this project will bring about a new decade of opportunity for Coventry.”
Cllr Jim O’Boyle, cabinet member for jobs, regeneration and climate change for Coventry City Council, said: “This is great news and the additional funding means that the developer can now get on site and get cracking.
“City centres are changing – and Coventry is no exception – so this investment will help to ensure our city centre can continue to prosper. It will create a thriving, bustling new community that can help to support shops and restaurants and leisure attractions. It will also create jobs and apprenticeships which is good news too.”
Andy Hill, Group Chief Executive of The Hill Group, said: “I’m delighted the additional funding has been approved by the WMCA for this exciting development. City Centre South is a once-in-a-lifetime opportunity to deliver a game-changing project that will rejuvenate the city centre and spearhead the long-anticipated regeneration of this quarter of Coventry.”
