Blueprint launched for £300m Coventry regeneration scheme
THE plan to redevelop the heart of Coventry has taken a significant step forward with the release of a detailed blueprint for the regeneration of a major part of the city centre.
Coventry City Council has been working in partnership with Aviva – the other major city centre landowner – on a £300m plan for the city centre south which would increase the existing retail floorspace by more than 70 per cent to more than 443,000 sq ft.
The plans that will be submitted for outline approval include a new anchor store, a 1,200 space car park, cinema complex, hotel, apartments and new and refurbished retail units.
The new 120,000 square foot anchor store – located towards an area known as Bull Yard – will provide retail over three floors.
The proposals will be showcased at a special event at the international property development and inward investment convention MIPIM in Cannes next month when the city council is aiming to attract development company partners
David Cockroft, assistant director for city centre and development services at Coventry City Council, said: “We have a viable scheme we have worked up with Drivers Jonas Deloitte and a consultant team, including Architects Benoy and specialist technical consultants from Lunson Mitchenall, Davis Langdon and URS.
“The current scheme has been refined following discussions with several developers to ascertain its viability and appeal to developers. We believe what we have produced will be of major interest to potential partners.”
John Whateley from Aviva Investors said: “The emphasis has been on the deliverability of the scheme, with the proposal seeking to positively enhance Coventry city centre as a retail and leisure destination.”
Council chiefs are hoping that major retailers will be attracted to the scheme because of the city’s potential as a retail destination. There is no doubt it punches significantly below its weight in retail terms at present.
Although it is the 11th largest city in the UK, Coventry ranks 49th in the retail ranking according to spend, lagging behind other similar centres in terms of the quality and range of shops.
Experian figures for 2010 reveal Coventry shoppers spent £510m over the year. This compares to just over £1bn in Cardiff, the 12th biggest city, and £1.8bn in Nottingham, the 14th biggest city.
