Coventry City Council has selected Queensberry Real Estate (QRE) as its preferred development partner for City Centre South; a major planned retail-led regeneration of Coventry city centre.
Following an openly marketed developer selection process, managed by Deloitte Real Estate, QRE has been invited by the Council to enter into a collaboration agreement. Over the next 12 months QRE will be working closely with the Council in refining its proposals for a retail and leisure led development, focused on an area to the south of Precinct and potentially incorporating Market Way, Bull Yard, City Arcade, Sheldon Square and Hertford Street.
This marks the next major milestone in bringing forward City Centre South, following the grant of an outline planning permission for development of up to 71,497 sq m (770,000 sq ft) of retail, leisure, hotel and residential space in May 2012.
Paul Sargent, partner at QRE, said: “We look forward to working closely with the Council and local stakeholders to develop plans which will create a thriving new hub for Coventry. We have a proven track record in delivering city centre regeneration projects and we will draw from our experience to create a scheme that truly benefits the people of Coventry and brings people back into the city centre.”
David Cockroft Assistant Director for City Centre and Development services at Coventry City Council, said: “This collaboration agreement will enable us to work alongside Queensberry Real Estate to develop an effective and robust plan for City Centre South. We have been clear that our city centre is not good enough. It’s not what local people deserve and it leaves us way down in the retail rankings. Our aim is to create a centre that local people can be proud of. This will however take some time as we examine a number of key work factors before we undertake work onsite.”
Coventry is the 13th largest city in the UK with a population of over 315,000 and a catchment population of nearly 590,000. The city currently retains only 33% of the shopper population and ranks 38th by number of major retailers and 47th when it comes to the size of its shopping area.