Estate agents and auctioneers Loveitts is urging developers to do more to get the balance rightClaims there is too much student accommodation being built in Coventry city centre have been backed by one of Coventry’s oldest companies
Estate agents and auctioneers Loveitts believes businesses are being squeezed out and is urging developers to do more to get the balance right.
A director at the firm has called on firms developing projects in the city centre not to neglect other market sectors at a time when the emphasis seems to be focused on delivering an increasing number of student rooms .
Loveitts says the net effect is the loss of traditional office accommodation, which is driving other commercial enterprises out of the city centre.
John Pugh, a director of the firm which this year celebrates its 175th anniversary, said he accepted the need for student accommodation, given ever-increasing demand.
But Mr Pugh pointed to the prevalence of large-scale student developments which have been built or are currently under construction.
They include Gosford Gate, Millennium View, Belgrade Plaza and Bishopgate .
He said planning has also been granted for a new 266-bed student block on Harper Road almost directly facing Coventry University , acknowledging that Loveitts acted for the landowner in putting the deal together.
But he believes the loss of office space poses a problem.
He said: “Within the city centre itself though and on the periphery of the ring road significant former office space has now been lost to student accommodation, most obviously on Queens Road which previously offered local businesses and professional occupiers a range of traditional office accommodation.
“This is now an area predominantly comprising HMO student accommodation.
“Moreover, a number of buildings within the ring road itself are now being targeted as suitable for conversion to student accommodation.”
He added: “This will inevitably force existing office occupiers out of the city centre and potentially out of Coventry itself, if the city is unable to respond to the current challenge and provide suitable office accommodation for its commercial enterprises - as well as the student rooms required to meet current demand.
“Developers want properties to be student accommodation rather than offices but if office occupiers are forced out of the city centre then the other contributors to the local economy could follow.”