City Centre South
Opportunity for build to rent investors to acquire a large number of new, marketing leading, residential units being brought forward in Coventry city centre.
Coventry City Centre South is a residential led, mixed-use development in the heart of the city that will deliver over 1,550 new homes alongside significant commercial and placemaking development. The scheme, which has a confirmed CPO and outline planning consent, will be delivered in phases from 2024 onwards across the 6.5ha site. The developer, Shearer Property Regen Ltd (SPRL), is a JV partnership between The Hill Group and Shearer Property Group with Hill Holdings acting as the project funder to bring forward the proposals, focused on the delivery of new residential development across a mix of tenures.
Working collaboratively to respond to national changes to fire guidance on second stair cores, the Council and SPRL has successfully improved and optimised the scheme and secured £12 million of additional grant funding in January 2024. Reserved Matters approvals for the first phase of development and Listed Building Consent for works to Coventry Retail Market were achieved in March 2024.The first phase will deliver 991 new homes, 8,000 square metres of new commercial space and 17,000 square metres of public open space, to create an exciting new residential, shopping and leisure destination for the Midlands.
Designed and built to high environmental standards with contemporary architecture inspired by Coventry’s rich history, heritage assets and public art, the homes in the first phase will range in size from studios to three-bedrooms, appealing to a diverse mix of residents. The first two blocks to be delivered will be affordable with 145 of the 200 of the affordable homes being social rent for local people and 55 as shared ownership. The remaining 791 homes will be available through private market sale and rent.
Investment opportunity
There is an opportunity for Build to Rent investors / operators to secure interests in c.600 new city centre apartments in one of the UK’s fastest growing cities.
- Planning Status: Reserved Matters Consent; Outline planning approved; Listed Building Consents
- Promoter: SPRL - partnership between Shearer Property Group/ Hill Residential Limited
- Investment Type: Build to Rent Investor / Operator / Leisure and Retail Occupiers
- Scale/Value: £50m+ Build to Rent opportunities
- Sector: Residential led, mixed city centre uses
- Timeline: Delivery commencing 2024. Project completion in 2033
- Lead: Public/Private: Private
Website: www.coventrycitycentresouth.co.uk [http://www.coventrycitycentresouth.co.uk]
Friargate Coventry
An opportunity for investors to be part of the next phase of this flagship city council-led mixed development.
A transformative new destination for Coventry, Friargate offers fresh perspectives and bold new approaches to working and living set within a public realm led master planned new district.
As well as its commitment to sustainability and class leading environmental standards, Friargate is a world-class commercial offer in an unbeatable location.
The framework is established, with new infrastructure, new public spaces and the first high-quality office, One Friargate, occupied by Coventry City Council, The Financial Ombudsman Service, Homes England and OfQual.
The second office, Two Friargate, is open for business with Octopus Energy Group occupying from March 2024. The four-star 101 room boutique Hotel Indigo opened in January 2024.
Investment opportunity
Friargate JV Project Limited is open to investment structures to accelerate the delivery of future phases that will include offices, residential, retail, leisure and hotels.
- Planning Status: Friargate masterplan approved; first and second office buildings in occupation and hotel open
- Promoter: Friargate JV Project Limited; Delivery by Friargate Coventry Developments Limited
- Investment Type: Range including partnership, direct development, or other forms of co-investment
- Scale/Value: £700m+GDV
- Sector: Office, residential, mixed use
- Timeline: Ongoing
- Lead: Public/Private: Public/ Private Joint Venture
Website: www.friargatecoventry.co.uk [http://www.friargatecoventry.co.uk]/ www.twofriargate.com [http://www.twofriargate.com]
City Centre Cultural Gateway
Investment opportunity to develop innovative uses for a landmark building with confirmed nationally significant cultural and creative occupiers.
The City Centre Cultural Gateway is the transformation of the former IKEA building in Coventry, to become a landmark destination that will be home to nationally significant collections, bringing together multiple partners and investors across creative, cultural and technology sectors
It will provide a new home for nationally recognised collections managed by Arts Council England, Arts Council Collection, CV Life, and the British Council, as well as creating a cultural hub for Coventry University with a range of facilities for students, visitors, and the community.
The University will occupy two floors and house a student gallery, café, library and exhibition space, dance studio, conference area, artists’ studios, postproduction filming facilities and a shop to sell students’ artwork, with some of these facilities being accessible to the public.
Investment opportunity
Investment in the development and delivery of a project that will lead the way in cultural regeneration and ultimately realise the huge potential of this truly unique facility. The site will become home to some of the UK’s most significant arts, cultural and heritage items.
- Planning Status: Base scheme planning submitted March 2023
- Promoter: Coventry City Council, Arts Council England, Arts Council Collection, British Council, Coventry University and CV Life
- Investment Type: Investor Occupiers and Financiers
- Scale/Value: 150m+ GDV
- Sector: Transport, Technology, Creative and Cultural
- Timeline: Operational 2026 onwards
- Lead: Public/Private: Public
Website: www.coventry.gov.uk/culturalgateway [http://www.coventry.gov.uk/culturalgateway]
City Centre North
Major mixed use placemaking scheme where a strategic investor can shape the next generation of city centre regeneration.
This sustainable development with placemaking and community at the very heart.
The creation of new interlinking vibrant public spaces each with a different offering that blends with newly activated ground and first floor uses, promoting a diverse and interesting blend of leisure, hospitality, food and beverage, retail and community uses.
Continuing Coventry's story of innovation in transportation and movement and enhancing one of the key gateways into the city, the plan is to create a collection of interlinked access hubs around the city (starting around Pool Meadow and Trinity Street), expanding the Coventry Very Light Rail links and easing movement in and out of the city on public transport, creating improved walking and cycle links and improving connectivity to existing communities.
By phasing pockets of redevelopment, re-purposing existing assets and creating new assets we want to encourage new inner-city communities. The way some people choose to live is changing so we want to support this by providing environments including new co-living hubs, subscription living, creative studios and live-work spaces, as well as new townhouses and apartments.
We want to promote a circular approach to sustainability, promoting low carbon and net zero, incorporating renewables, minimising living costs, re-purposing existing assets, incorporating green and blue infrastructure, promoting green movement in and around the city and maximising private and shared amenity spaces for residents and enhancing wellbeing and health.
Investment opportunity
Given the inception stage nature of this project there is an opportunity for a strategic investment partner to work with the City Council to shape innovative investment and delivery structures to deliver significant housing growth in Coventry city centre.
- Planning Status: Concept stage
- Promoter: Coventry City Council
- Investment Type: Capital Investment / Developer
- Scale/Value: 20ha site / £1bn
- Sector: Mixed use, residential, community and commercial
- Timeline: Currently at concept stage
- Lead: Public/Private: Public
Smithford Way Link
A city centre located, residential-led mixed use development opportunity.
This site encompasses a service yard behind a retail store on Corporation Street and behind the retail units on Smithford Way. Through the opportunity to acquire the retail store, a more strategic assessment has been carried out to provide an opportunity to create a formalised pedestrian link between Corporation Street and Smithford Way which separates people from the existing servicing road/area.
One conceptual option suggests a single development block situated between Smithford Way and Corporation Street, providing ground floor active retail/ food and beverage/leisure uses complimentary to the shopping area as well as supporting the night-time economy created from the nearby Belgrade Theatre and plaza, with residential dwellings over (incl. target 25% affordable housing), and creation of new/ enhanced public realm and dwell spaces.
Investment opportunity
Disposal of development site for Retail, Food and Beverage and Residential.
- Planning Status: Concept stage, supported by City Centre Area Action Plan
- Promoter: Coventry City Council
- Investment Type: Capital Investment / Development Partner
- Scale/Value: c.150 dwelling (incl. affordable housing), approx. 1,000-1,200sqm retail/other space
- Sector: Mixed-use
- Timeline: Currently at concept stage
- Lead: Public/Private: Public
Coventry Leisure Centre Site
The iconic, former Coventry Leisure Centre site provides a large leisure led development opportunity in close proximity to a large student population for immediate investment.
Promoted by Coventry City Council and Rainier Developments Ltd, the former Coventry Leisure Centre and swimming baths located inside the A4053 Ring Road and just East of Coventry Cathedral in the city centre. The property lies between Coventry University buildings to the south and a substantial development of new student accommodation, over 1,000 rooms, to the north.
The main pool hall boasts a striking ’W’ shaped roof design and impressive full height glazed southern elevation which was Grade II listed in 1997. It is proposed that the pool voids be filled to provide a large, open and flexible floor area overlooked by the refurbished seating terraces, creating a modern and flexible auditorium well suited to a range of new uses.
The building offers a total floor space of around 117,940 sqft (10,957 sqm)
Investment opportunity
Innovative change of use concepts suitable for open space sporting or conference venues.
- Planning Status: New planning consent required (inc. Listed Building Consent)
- Promoter: Coventry City Council
- Investment Type: Occupier / Operator / Capital Investment / Development Site
- Scale/Value: Between £1m-£10m
- Sector: Leisure
- Timeline: Immediate
- Lead: Public/Private: Public
The Elephant
An immediate leisure-led investor occupier opportunity in an iconic city centre building.
Promoted by Coventry City Council and Rainier Developments Ltd, the former Coventry Sports Centre (elephant building) is located inside the A4053 Ring Road and just east of Coventry Cathedral in the City Centre.
The property lies between Coventry University buildings to the south and a substantial development of new student accommodation, over 1,000 rooms, to the north.
The property is set over three floors and currently incorporates an indoor bowls hall, large multi-use sports hall with sprung floor, smaller sports hall and three squash courts. Each of these spaces could be adapted to accommodate various alternative leisure uses.
As part of the redevelopment and letting of the property, a separate new feature entrance is proposed. The building offers a total floor space of around 52,615 sqft (4,888 sqm).
Investment opportunity
Investor occupiers sought for redevelopment as either a live events, sports or leisure venue or a health and fitness facility. An indication of potential usage is shown below
- Planning Status: New planning consent required
- Promoter: Coventry City Council
- Investment Type: Occupier / Operator / Capital Investment
- Scale/Value: Between £1m-£10m
- Sector: Leisure
- Timeline: Immediate
- Lead: Public/Private: Public
Spon End
Comprehensive estate regeneration including delivery of up to 750 new, high-quality homes a five-minute walk from Coventry City Centre.
Investment opportunity
Three phases of development to create a mixed-use development in close proximity to the heart of Coventry City Centre. The first phase of development will be led by Citizen Housing with potential investment opportunities across all three phases of the scheme for the retail, office and community space sector (c6,136 sqm / 66,046 sqft).
- Planning Status: Planning submission due during 2024
- Promoter: Citizen
- Investment Type: Commercial opportunities
- Scale/Value: c£140m
- Sector: Residential led, mixed-use
- Timeline: Phase one demolition from late 2024. Phase one construction from 2025. Phase one complete 2028
- Lead: Public/Private: Private
Website: www.citizenhousing. org.uk/spon-end [http://www.citizenhousing. org.uk/spon-end]
New Union Street Car Park site
Large scale residential led opportunity in a prime city centre site location.
This former car park site provides scope for the creation of a gateway development of residential apartments within the city centre, with allowance to target 25% affordable provision.
The potential development provides an opportunity for the inclusion of an active frontage to include retail or leisure use.
This site sits on one of the major high footfall pedestrian access routes into and through the city centre.
Investment opportunity
Disposal of site for residential-led, mixed-use scheme
- Planning Status: Concept stage
- Promoter: Coventry City Council
- Investment Type: Development Partner
- Scale/Value: 300 – 500 unit scheme, £65 – £100m GDV
- Sector: Residential-led mixed-use
- Timeline: Available for investment subject to planning approval
- Lead: Public/Private: Public
Coventry & Warwick Gigapark Investment Zone
Multiple investment opportunities in the Advanced Manufacturing and Future Mobility sectors with end user occupiers benefiting from Investment Zone tax incentives.
The Coventry & Warwick Gigapark is one of three key sites within the UK Government’s new West Midlands Investment Zone and is set to power the UK’s electrified future including energy security, sustainability and innovation.
Containing four adjacent sites totalling 2.5 sq km straddling the border between Coventry and Warwickshire, the Gigapark provides the infrastructure, scale and central location necessary to enable not just mass battery manufacturing development, but also supply chain activities, recycling, skills development and logistics.
Significant funds have already been allocated to improving utilities and transport infrastructure around the site. Investment Zone status will provide a mix of tax incentives, direct funding and business rate retention needed to deliver the scheme.
The location provides direct access to a world-class ecosystem of advanced manufacturing and R&D. As well as being the UK’s automotive capital, with anchor OEMS such as JLR, Aston Martin Lagonda and Geely, more recently Coventry and Warwickshire has emerged as a hotspot for battery technology and future mobility.
Altogether, the Coventry & Warwick Gigapark forms a unique and strategically important catalyst for accelerating the region’s future growth and development in new and exciting sectors
Investment opportunity
The size and scale of the collective sites offer significant opportunity for capital investors and end user occupiers with a focus on advanced manufacturing, future mobility and vehicle electrification activity
- Planning Status: Outline planning in place across the majority of the site with remaining land identified in local plan.
- Promoter: Variety of promoters including Coventry City Council, Rigby Real Estate and SEGRO
- Investment Type: End user occupier / Capital Investment and Co-investment
- Scale/Value: £4bn+
- Sector: Advanced Manufacturing / Industrial / Vehicle Electrification
- Timeline: Phased delivery 2025 onwards
- Lead: Public/Private: Public and Private
Greenpower Park, UK Centre of Green Energy
Investment opportunities at the UK's only available site with both investment zone benefits and planning permission for a Gigafactory.
Located at the heart of the UK’s manufacturing industry, the Greenpower Park is a trailblazing centre of excellence for electrification, battery technology and manufacturing. With the West Midlands Gigafactory as its anchor tenant, it has unrivalled access to the most highly skilled workforce in the country. This groundbreaking location is the first of its kind, offering an all-in-one solution for battery research, industrialisation, manufacturing, testing, recycling and electrified logistics designed to foster the UK’s growing battery ecosystem.
The Greenpower Park in Coventry sits within the West Midlands Investment Zone which is focused on Advanced Manufacturing, providing significant tax incentives and breaks for investors and it has outline planning permission for a Gigafactory.
Adjacent to the pioneering UK Battery Industrialisation Centre, the Greenpower Park is perfectly placed to act as a hub for the rapidly growing battery industry.
The 309-acre Coventry site is located at the heart of the UK’s automotive industry in the West Midlands. It is the only site available in the UK which has already secured planning permission for a Gigafactory with production capacity up to 60GWH per annum, including a battery recycling facility.
Investment opportunity
Offering ultimate flexibility for future occupiers, this is an ideal opportunity for end user occupiers and capital investment funders.
Located within the West Midlands Investment Zone, the Greenpower Park can offer significant tax incentives and breaks for investors for up to 10 years, including stamp duty, land tax relief, business rate relief on newly occupied premises and national insurance contributions for new jobs created. In addition, there will be support available to develop the supply chain and skills as well as innovation and R&D for electrification.
- Planning Status: Resolution to grant outline planning consent: January 2022
- Promoter: Coventry City Council and Coventry Airport Limited
- Investment Type: End user Occupier/ Partnership / Direct development or Co-investment
- Scale/Value: £2.5bn+ GDV
- Sector: Industrial / Advanced Manufacturing
- Timeline: Delivery 2026 onwards
- Lead: Public/Private: Joint Venture – Public and Private
Website: www.greenpowerpark.co.uk [http://www.greenpowerpark.co.uk]