Council planning to take over lease for Lower Precinct and Coventry Market

The council says that traders would be unaffected in the event the council takes over



Coventry City Council is set to discuss taking back the ownership of the Lower Precinct and Coventry Market at a meeting next week. The authority, which owns the freehold of the site, is looking to take over a long-term lease held by Royal London Asset Management.

Discussions on a report proposing that the council takes control of the lease is to be discussed at the next Cabinet meeting on March 14. There are two options being considered, the first that the council takes over the lease for the Lower Precinct and Coventry Market and the second to solely take control of the market.

The Lower Precinct is right in the heart of the city centre, covering 200,000 sq ft of retail space across more than 40 commercial units. The market has stood on the current site since 1958 and has won national awards with its massive variety of stalls.

The council says that the leases and occupation for both the market traders and Lower Precinct retailers would be unaffected if the authority takes control of the lease from Royal London.

Cllr Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change, said: "Our city centre has gone through some incredible changes and there is a lot of work still to come as we make it a truly modern centre that is attractive to shoppers, visitors, and businesses. City Centre South will be a major step in that work, but we also want to make sure that we protect our much-loved assets such as the Lower Precinct and Market.

"It makes sense for us as a Council so we are in a position to take action when needed and make sure they have a strong and healthy future – just as we are doing with the rest of the city centre and the city as a whole. We know how much these sites are valued by local people, and we know the history of them and the way generations have shopped at the Market.

"This action will allow us to protect that history, combining the best of the old and the best of the new as the city centre evolves and moves forward."

Why do I think there's more to this than we're being told?

Why do I think there's more to this than we're being told?

Because O'Boyle is involved!