City's old fire station could be turned into student flats...

[dutchman]

The historic Old Fire Station in Coventry city centre could be converted into student flats.



The iconic grade-II listed building in Hales Street can be bought for just under £4million for a 150-year lease from the city council.

The early 20th century property has been run as a nightclub and restaurant, but property experts say the sale represents an opportunity for investors to break into the city’s “huge” student market.

Foleshill-based estate agents Optim House are among those marketing the 14,500 sq ft building.

They say at least 80 double en-suite rooms could be created, bringing in £450 per month per room excluding bills, giving investors their money back after eight years.

However even though the main struture is Grade II listed, the modern side extension is not, and could be expanded to give a total of 120 rooms.

Optim House said: “Recently Coventry has been the recipient of a mass influx of students due to Coventry and Warwick universities raising their status as places of education and, as such, there have been a number of construction projects run by much larger corporations to fill the need of student accommodation.

“This is an opportunity for potential investors to break into a huge industry filled usually with the bigger market players.”

In their sales brochure, commercial property advistors Bromwich Hardy say the building could be turned into a boutique hotel, but also make reference to the 28,000 full and part-time students who attend Coventry University.

Their brochure says: “The current owner of the property has had informal discussion with freeholder Coventry City Council about the potential for a change of use for the building, in particular with student accommodation or hotel uses in mind, and it transpires that the council would be open to changes of this nature, although planning permission would need to be applied for.

“In relation to the student market, there are a number of developments going ahead at present in the immediate surrounding area, which could well bring a strong focus to this area for student accommodation in particular.”

The fire station was built in 1902 and for a time it housed Coventry’s famous ‘rainbow brigade’ made up of ten yellow fire engines, five red appliance, a Green Goddess - and even a pink one.

It was decommissioned in 1976 after Radford Road fire station was built.

In 2006, the building reopened as a restaurant, bar and nightclub after a £3.5m renovation project.

The nightclub closed in 2013 over noise and flyposting, although Savour Station buffet restaurant remains open upstairs.

Other planned student developments in the city centre include Bishopgate, Belgrade Plaza, Cox Street and Allied Carpets.

[dutchman]

Asking price for Old Fire Station in Coventry slashed by nearly £1million

Nearly £1million has been knocked off the asking price of Coventry’s historic Old Fire Station.

The grade-II listed building in Hales Street went on the market in January for £3.9million - but that has now been slashed to £3m.

That price would buy investors a 150-year lease.

Foleshill-based estate agents Optim House are among those marketing the 14,500 sq ft building, which they say could be turned into student accommodation.

They say at least 80 double en-suite rooms could be created, bringing in £450 per month per room excluding bills, giving investors their money back in just under seven years based on the current asking price.

In a description on property website Zoopla, Optim House said: “Recently Coventry has been the recipient of a mass influx of students due to Coventry and Warwick universities raising their status as places of education and, as such, there have been a number of construction projects run by much larger corporations to fill the need of student accommodation.

“This is an opportunity for potential investors to break into a huge industry filled usually with the bigger market players.”

In their sales brochure, commercial property advisors Bromwich Hardy say the building could be turned into a boutique hotel, but also make reference to the 28,000 full and part-time students who attend Coventry University.

Their brochure says: “The current owner of the property has had informal discussion with freeholder Coventry City Council about the potential for a change of use for the building, in particular with student accommodation or hotel uses in mind, and it transpires that the council would be open to changes of this nature, although planning permission would need to be applied for.

“In relation to the student market, there are a number of developments going ahead at present in the immediate surrounding area, which could well bring a strong focus to this area for student accommodation in particular.”