Regeneration of Coventry city centre moves closer
The transformation of Coventry city centre has moved a step closer with development partners The Hill Group and Shearer Property Group (SPG) submitting a reserved matters application for the first of two phases in the scheme, which includes 991 new homes and 8,000 square metres of new commercial space.
The new homes range from studios to three-bedrooms and 200 will be affordable. The remaining 791 private homes will be available through open market sale and rent.
READ MORE: Coventry ranks highest in UK for entrepreneurial growth, finds Instant Offices
Subject to planning permission, work is expected to begin next summer with the first homes delivered by the end of 2026.
"City Centre South will bring an entirely new, lively quarter to the city centre," said Guy Shearer of SPG - an urban regeneration specialist.
"Phase 1 will provide a wide range of quality boutiques and shops offering a diverse range of commercial space. Restaurants, bars, and the latest social and hospitality leisure occupiers will create an exciting new mix of offers that will complement and enhance the existing retail offer within the market and city centre."
Councillor Jim O’Boyle, cabinet member for jobs, regeneration and climate change, added: "This is a really 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 in the area around Bull Yard has attracted families back into the city centre – now imagine that on an even bigger scale. This is really exciting regeneration that will also create jobs and training opportunities during construction but afterwards too," he added.
The visionary £450 million mixed-use development, which has an emphasis on green space, received outline planning consent in January, 2022.
The homes are sustainably designed with excellent energy-efficient credentials, including photovoltaic solar panels, water saving and low-energy lighting features, while the proposals provide new car-free pedestrian-friendly and level access routes connecting Market Way, Herford Street and Rover Way to the new Cultural Gateway Centre and Coventry Very Light Rail project on Greyfriars Road and Queen Victoria Road.
City Centre South forms a major element of the wider masterplan for the regeneration of Coventry, which has already delivered a major upgrade to the railway station.
The first phase of Grade A commercial space at Friargate and The Wave indoor water park are now both complete, all part of a £750 million investment across several projects in the heart of the city.
Andy Street, 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-£100million 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."
Hill Group, established in 1999, is one of the leading developers in London, the home counties, and the south.
Shearer Property Group, focused on major urban regeneration and founded in 1995, has been involved with more than 3 million sq ft of mixed-use development.
Visit Hampshire Biz News for bright, upbeat and positive business news from the county
