Even more student flats for the city centre?

[dutchman]

It is hoped they would provide homes for 'young professionals'



Vacant office blocks in Coventry city centre are set to be turned into 42 new flats.

The office blocks at 8-12 Ironmonger Row and 17-21 Cross Cheaping, at the back of Primark, have been handed to developers EDG Property Ltd in a new deal.

It is hoped it will “rejuvenate a challenged part of the city centre” with fresh investment and homes for ‘young professionals’.

The homes will be for sale for “slightly less the market price”, Adam Hunt, head of property and development for Coventry City Council said.

He added: “Regeneration of the city centre is a key priority for the council and one key aspect is encouraging new residential development in the city centre and getting people living in the city centre.

“That brings a wide variety of benefits, brings forward the evening economy, new council tax, and a vibrant 24/7 economy.”

The scheme will require conversion of the currently vacant upper floor offices into flats, supplemented by the construction of two further floors for the accommodation.

An application is expected by the end of May, and construction to begin in the summer, pending planning approval.

Coventry City Council’s cabinet member for city services approved the aspects of the deal at a meeting on Wednesday, March 4.

It gives EDG Property Ltd a 250-year lease on terms that no rent is payable.

Mr Hunt, head of property and development, said around £5 million would be pumped into the development.

Ground rent is currently worth £49,000 per year and leased by the council to Akzo Nobel CFI Nominees Ltd, whose current deal expires in 2066.

With Akzo moving on, EDG have been keen to snap up the lease for flats but council bosses say they have been told rent costs would prevent the flats scheme from going ahead, so have agreed for it to be rent-free.

Although this equates to millions of pounds worth of lost taxpayers’ cash over the course of the 250-year lease, new income will be generated through an estimated £47,677 in council tax from the flats, plus business rates for the retail units below.

[dutchman]

Hogwash!

No 'young professional' is going to want to live there and if it's full of students they're not going to be paying council tax.

[dutchman]

£5m Coventry city centre apartments scheme approved



Plans to “rejuvenate a challenged part of the city centre” with a £5 million apartments scheme in Coventry have been approved.

Applicant EDG Property Ltd has been given permission to convert 8-12 Ironmonger Row and 17-21 Cross Cheaping from offices to apartments.

The scheme will provide 42 one-bed apartments along with a gym for residents.

EDG, which is the firm behind the redevelopment of the mixed-use Co-Op scheme in the city centre, have said it will provide “high-quality” living and innovative design, utilising elements such as bed decks, integrated storage and sliding door walls.

In planning statements, EDG said: “The building is comprised of a series of innovative microunits, designed with a high-quality finish and ingenious storage and flexible design.

“Sliding partition doors, split level accommodation and maximum light levels are all elements that lift the apartment design beyond the ordinary.”

[dutchman]

"Split level accommodation" my arse!