Plans to deliver the long-awaited transformational mixed-use destination in Coventry city centre have been unanimously approved by Coventry City Council. Shearer Property Group, the developer on the project, first revealed its outline plans to the wider public in June 2020, which have already secured £98m in funding from the West Midlands Combined Authority.
Redwood Consulting ran a successful 3-week digital consultation in June 2020, engaging with over 300 members of the public as well as key stakeholders in and around Coventry.
The scheme, on the 15-acre site, will provide approx. 1.35 million sq ft of floor space which will include up to 1,300 new homes, a hotel, cinema, retail and restaurants along with co-working and community spaces. These proposals will create a new focal point for all of Coventry’s communities to come together, as well as drawing in visitors, with inviting new public realm and accessible events space at its heart.
Guy Shearer at Shearer Property Group, said: “As long-term investors in Coventry, we are delighted to announce that our plans have gained unanimous approval from the Council and we look forward to continuing to work closely with the City to deliver this all important new milestone development for Coventry. As we move into the next stage of the project, we will be going to the funding and investment market soon, looking to secure a joint venture (JV) funding/residential partner and will be working closely with the project team and the community on detailed designs to transform this strategic site in the city.”
Shearer Property Group (SPG), has seven years of experience in Coventry, working on Cathedral Lanes and Upper Precinct and bring a proven track record in unlocking regeneration for complex mixed-use sites including Southgate Centre Bath, Grand Arcade Cambridge, Parkway, Newbury and the former Dickins & Jones department Store in Regent Street, London.
Cllr Jim O’Boyle, Cabinet Member for Jobs and Regeneration at Coventry City Council, said: “This regeneration scheme celebrates the best of the old and new Coventry, building upon the huge works already undertaken by the Council and creating new jobs and opportunities for the people of Coventry. As we move forward with this development we have a clear vision to make the City fit for the future.”
Redwood secured coverage of the announcement last week in key property and investment titles including React News, Property Week, CoStar and ACROSS Magazine.