Coventry Regeneration Project – New Details Unveiled

Coventry is constantly undergoing development and growth, and in 2024, it looks like the city is set for its biggest transformation yet. As we reported in September, Coventry’s Regeneration Project is set to have some major developments taking place this year and new details of the City Centre South Scheme have now been unveiled. Initially set in motion at the end of 2022, the project covers Shelton Square, Hertford Street, Market Way, the Bull Yard and City Arcade, where demolition of current buildings will take place, to prepare for a new flourishing area. This week, we’ll dive into the latest details of the development, and how soon we can expect it to be operational.

The project plans to produce 1,500 homes in the area, with entertainment spaces, such as a cinema, hotel and shops, also a part of the plans. Coventry City Council has announced works are set to take place this summer, subject to planning consent. The regeneration scheme begins with two pivotal phases:

Phase One

• Creation of 991 new homes.
• 200 of the new homes will be affordable for most Coventry residents.
• 8000 square meters of brand new retail spaces.

Phase Two

• More retail spaces to be introduced.
• Up to 584 more homes to be created.

These new homes are set to vary from studio flats in buildings as high as 19 storeys, to large, three-bedroom homes with external spaces, like a communal garden or a balcony. The majority of the 200 affordable homes will be social housing and will be part of the first buildings to be constructed. The other homes will be marketed for private sale and rent. The vision for the neighbourhood is that it will be a place for people to enjoy active and healthy lifestyles, so there has been more focus on introducing greenery for residents to enjoy. This has also factored into the incorporation of 6,600 square meters of biodiverse green roofs and other ecological measures.

Not only has there been lots of attention placed on the development of residential spaces, but developers have ensured that there is a vast range of commercial spaces to offer, ranging from 35 to 350 square meters in size, which is sure to attract a variety of business owners looking to expand or begin their venture. Additionally, sculptor, William Mitchell, has created a replica of the History of Coventry mural, which will be installed under the plans. A reserved matters application for these phases has been submitted, with the first homes expected to be delivered in the latter half of 2026.

Phases One and Two alone are expected to provide much economic growth for the city, and employment opportunities for local residents. West Midlands Mayor, Andy Street, said he was pleased to see that a lot of affordable homes will be included in the developments, stating that this ‘will completely transform Coventry City Centre’. The £450 million development will offer a more pedestrian-friendly, leisure spot, with hopes of placing the city firmly on the map as a prominent location in the West Midlands.

The effects on the property market are sure to be immense, and plenty of agencies and landlords will be making their preparations for the influx of homes that will hit the market over the next couple of years. With so much retail and residential opportunity in the plans, the city could be set for some lucrative years ahead, and will likely become a UK hotspot. As we progress through 2024 and the phases begin to be worked through, it will be interesting to see the evolution that Coventry goes through and the positive changes that these works are expected to produce. For more detail on what you can expect as part of the regeneration project, click here, to read our article on how it will affect the local market.

Maya