'Student village' plan for Coventry office blocks...

Three derelict office blocks in the city centre could be transformed into a ‘‘student village’’ - helped by a £12.1million loan from the new Coventry Investment Fund.



The buildings – Burges House in Ironmonger Row, the Axa building in Corporation Street and the Axa Tower in Well Street – will be converted into student accommodation by Coventry-based Study Inn Group.

If approved the scheme could benefit from a £12.1m commercial loan from the new £50m council-run fund – revealed on Friday in the Coventry Telegraph.

Councillors will meet on November 19 to discuss the plans which include serviced accommodation of up to 500 rooms and facilities including a reception, gymnasium, lounges, as well as meeting and conference space for student use.

Coun Lynnette Kelly, cabinet member for business, enterprise and employment said: “Our two universities are vital to the economy and international reputation of our city.

"They have a key role to play in Coventry’s regeneration and they are a significant contributor to our economy.

“As with other UK cities, companies wanting to invest in Coventry face uncertainty in terms of obtaining funding and this has the effect of stalling or preventing regeneration.

"We will always look for ways to assist people who have the same vision and drive as us to create jobs and regenerate our fine city and this is a good example of a local company with ambition and drive and a great idea that has a track record of success.

“We will be working with Study Inn to unlock this funding dilemma and propose to offer commercial loans on completion of the developments, but only if bank finance is unavailable at that time.

"We will make a commercial return which can be invested back into council services.

"This is a fantastic opportunity – a real win-win for our city. Not only does it help to move students out of shared homes in residential areas freeing up much needed homes for families and first-time buyers it will also bring vacant buildings back into use.”

Study Inn director Kieran Leahy said: “This kind of innovative thinking by the council is a example of working together to enable regeneration.

"We have our head office in Coventry and have invested £19m and created 38 local jobs in the city so far and these developments will bring that total to £35m and 65 new jobs.”

Burges House will provide accommodation for 67 students and could be open by September. The Axa building on Corporation Street will hold 97 rooms and the Well Street Tower will have 210 rooms.

There's also a proposal to turn the offices opposite Axa in Corporation Street into student flats.

The city is far too dependent on students.

Coventry council to grant loans to company to build student flats in city centre



Hundreds more students are to live in Coventry city centre after the council agreed to grant loans using borrowed money to a company to convert disused office buildings.

The plan is part of Coventry City Council’s push to regenerate the flagging city centre, and help viable businesses struggling to get bank loans.

Cross-party councillors agreed to use prudential borrowing – of an amount agreed in private – to lend to Coventry-based student accommodation company Study Inn.

The three buildings – to house 420 students in total – are the former Axa Insurance tower block in Corporation Street, another former Axa tower in Well Street, and Burges House, in The Burges.

Councillor Lynnette Kelly, cabinet member for business, enterprise and employment, said it would also “free up family accommodation elsewhere in the city rather than all the terraced housing being taken up by students.”

It comes amid concerns in some neighbourhoods about the impact of conversions into Houses in Multiple Occupation for students’ use. She said the company’s student residences had elsewhere had seen 100per cent occupancy 50 weeks of the year.

She said the money would be lent in up to three tranches, for buildings which might otherwise be difficult to use as offices.

The council also approved a £50million Coventry Investment Fund to provide loans and grants to small businesses.

Coun Kelly said one of the first projects would be to lend to firms interested in occupying new buildings at Lythalls Lane industrial estate. The government now enables councils to retain more of the business rates they collect.

Coun Kelly said council schemes to help stimulate business growth would help generate revenue to support the council’s finances, due to be hit by a further 10 per cent government cut next year.

Opposition councillor Tim Sawdon warned of risks to taxpayers and pledged “critical examination” of every application.

Absolute madness. - This will come back and bite them on the backside.

It's easy to be generous when you're allowed to borrow money at almost 0% interest.

Coventry's old AXA building gets new look as student accommodation



A landmark former office block in Coventry city centre is getting a whole new look as it gets transformed into student accommodation.

The old AXA building that dominates Coventry’s skyline along with the famous three spires will open this year after being transformed into accommodation as part of a major ‘student village’ development.

But its old gold facade is being ditched as contractors fit it out with a new blue and grey look.

The former AXA offices and tower, in Well Street, is being converted by Coventry-based business Study Inn.

And the 307-bedroom development is on schedule to open ahead of the new academic year after a 12-month revamp to bring the empty building back to life.

It’s the final phase in the firm’s ‘student village’ plan – which has also seen Burges House in Ironmonger Row transformed into student accommodation.

Director Kieran Leahy, who was born in Willenhall, said: “The Well Street project will complete our new student village concept, which has already attracted international attention.

“The regeneration of this building is well ahead of programme and it will be open in September 2015 as planned.

“Its completion will bring our total investment in Coventry to £35million and will bring a £10million spend into the city centre on an annual basis.

“Both of the city’s universities are continually increasing their status in the UK and world rankings for their educational excellence and are attracting increasing numbers of international undergraduate and postgraduate students, which in turn puts the city on the international map.

“As well as returning buildings to an active economic use and helping drive footfall in the city, providing well-managed, purpose-built accommodation in the city centre also reduces reliance on multiple occupancy of suburban housing which is again something which appeals to authorities.”

Coun Ann Lucas, leader of Coventry City Council, has been given a guided tour of the new development and the Study Inn headquarters in Corporation Street.

She said: “It is really encouraging to see what Study Inn have created and the impact it is having on the city centre. Buildings which have outlived their use as offices have been transformed and offer hotel-standard accommodation for students.

“It gives those students, many of them visiting the UK for the first time, a very good experience and a positive impression of the city.”

Students tend to attract cheap supermarkets and fast food. Not the sort of retailers and businesses that permanent, working residents will want. The idea that turning whole areas of Coventry into a vast 'student village' will bring in news businesses is nonsense.