Coventry redevelopment scheme set to be fast-tracked after £100m injection

A £360m regeneration scheme in Coventry has effectively been green lit after the city was awarded almost £100m by the West Midlands Combined Authority.

The award is the biggest announced by the combined authority since the devolution process got under way.

The cash effectively gives Coventry City Council the go-ahead for the much-anticipated City Centre South scheme.

Plans for the scheme, first discussed in 2011, include a major retail, residential and leisure scheme, including a top name anchor store, new homes and a cinema that will transform the area around Bull Yard, Shelton Square and Market Way.

WMCA chair, Cllr Bob Sleigh, said: “This is a great example of how our devolution deal is beginning to have a real impact – and this funding would not be available without the combined authority.
 
“Yes we are here to set policy – but we are also here to make a difference to people’s lives in ways they can see and feel, with more jobs, a growing economy and better quality of life.
 
“Supporting projects on this scale is key to that aim and this comes hard on the heels of last week’s announcement of major investment in Kingswood in Cannock.”

Cllr George Duggins, leader of Coventry City Council, added: “I’m delighted that the combined authority has approved £98.8m investment for the redevelopment of our city centre.

“Coventry people have waited too long for improvements to the city centre. But this cash is a real boost and will mean we can crack on and select a developer.”
 
WMCA finance and investment lead Cllr Izzi Seccombe said: “I’m delighted the combined authority has been able to support this scheme.  

“Not only is it excellent news for Coventry – but development on this scale also means a significant boost to the wider regional economy.”

Jonathan Browning, chairman of Coventry & Warwickshire Local Enterprise Partnership, said the city regeneration was a major priority within the Coventry and Warwickshire Strategic Economic Plan and the impact of its rejuvenation has been identified as a game changer that would help the area to achieve its potential in the next 15 years and beyond.
 
“The outputs will be significant in terms of the temporary jobs created during the construction period and then the permanent positions created, along with the housing and student accommodation,” he said.