Future of Coventry Canal Basin uncertain after sale 'paused'

It was set to be put listed at an auction this week



The future of an historic Coventry site is in doubt after plans to sell it were halted. The Coventry Canal Basin, just outside the city centre, has been an important part of the region's water networks for hundreds of years.

It is home to multiple businesses, organisations and charities. Many of the outlets that trade there, including Playwrights Cafe and Gorety Portuguese Mini Store and Cafe, are hugely popular and the Cole Vaults, home to The Tin Music and Arts, is one of the best-loved independent music venues around.

But the basin was put up for sale by owner, the Canal and River Trust, and was due to be listed at a Frank Knight auction on Thursday, March 19.

The On The Market website still has the site listing, though it tells visitors it is 'no longer on the market'. It states a price of £225,000, though as it is part-let, £24,000 per annum would also have been expected. Features and descriptions list it as a freehold mixed-use investment.

We asked the Canal and River Trust the reason the site was being sold, why it was then taken off the market and what its future might look like.

A spokesman for the Trust said: "Our charity took the decision to remove the lot from auction after an application was made to designate the basin as an asset of community value.

"This process could take up to six months, so any sale is on pause while that process takes it course."

An Asset of Community Value (ACV) is a list maintained by a local authority consisting of sites, land or buildings, nominated for protection by a community under what is known as the Localism Act.

To qualify for ACV the site's use must be of social or cultural interest to the community. Once successfully listed, if the owner decides to sell the community has the right to bid on the site with a view to purchasing it.

CoventryLive is in touch with organisations that call the Canal Basin home. We have also approached Coventry City Council.

https://www.coventrytelegraph.net/news/coventry-news/future-coventry-canal-basin-uncertain-33629328

I'm staggered anyone was even allowed to put it up for sale in the first place?

Coventry Canal Basin sale update draws welcome from charity



An organisation based at the Coventry Canal Basin has welcomed news that the sale the site have been paused. As previously reported, The Canal and River Trust that owns the basin took the site off the market after it was due to go up at auction.

The Trust told CoventryLive the sale had been put on hold after an application was made to designate the basin as an Asset of Community Value (ACV).

This has been welcomed by The Tin Music and Arts, a local charity that runs an independent music venue, the Coal Vaults, at the site. They've described the intervention as a 'pivotal moment' for the basin.

An Asset of Community Value (ACV) is a list maintained by a local authority consisting of sites, land or buildings, nominated for protection by a community under what is known as the Localism Act.

To qualify for ACV the site's use must be of social or cultural interest to the community. Once successfully listed, if the owner decides to sell the community has the right to bid on the site with a view to purchasing it.

A spokesman for The Tin told CoventryLive: "The Tin Music and Arts welcomes the decision by the Canal & River Trust to withdraw Coventry Canal Basin, including the Coal Vaults, from the market while an Asset of Community Value (ACV) nomination is being pursued.

"This pause represents an important and positive moment for the future of the Canal Basin, giving the community, stakeholders, and local partners the opportunity to explore long-term options that prioritise cultural value, accessibility, and public benefit.

"We strongly support the pursuit of Asset of Community Value status and believe it reflects the deep cultural and social importance of the Canal Basin. This recognition would help ensure that future decisions about the site take into account the needs and aspirations of the community that already brings it to life.

"We see this as a real opportunity to build a shared vision for the Canal Basin, one that protects and strengthens its role as a thriving, community-led cultural hub. We remain committed to working collaboratively with local authorities, partners, and the wider community to help shape a sustainable and inclusive future for the space.

"This is a pivotal moment for the Canal Basin, and we are committed to ensuring its future reflects the creativity and community that already thrives here."

Jess Harper, marketing manager at The Tin added: "This is a really positive step for the Canal Basin and for the community that surrounds it. The space already has a strong creative identity, and pursuing Asset of Community Value status recognises just how important it is to so many people.

"We’re hopeful this creates the opportunity to secure a future that protects and builds on what’s already here - supporting grassroots arts, independent culture, and inclusive community activity."

As well as The Tin, the basin is home to multiple businesses, organisations and charities. Many of the outlets that trade there, including Playwrights Café and Gorety Portuguese Mini Store and Café, are hugely popular.

https://www.coventrytelegraph.net/news/coventry-news/coventry-canal-basin-sale-update-33635538