Coventry's Regeneration Project: How Will The Local Market Change?

Coventry is an established centre of culture, and business and for the last couple of years, a project has been put in place to enhance this and encourage economic growth in the city. Ranked by PwC as the eighth ‘best city in the UK to live, work and do business’, a recent study by the Guardian identified Coventry as ‘one of the five stand-out UK cities for jobs and business’, so the decision to take further steps towards amplifying this is sure to prove lucrative in the coming years. This week, we’ve broken down Coventry’s £450 million Regeneration Project and what this will mean for the future property market.

Completed Improvements

Upper Precinct, Market Way and Smithford Way

The precinct’s regeneration comprised of additional water features, new lighting and paving stones, art pieces and more greenery. These began in 2019 with the replacement of the escalators used to provide an entrance to West Orchards Shopping Centre.

Hertford Street

Fresh gravel was laid here, and decorative lighting was added to the trees, plus new seating. The food traders, which were formerly located in Market Way, are now located in Hertford Street.  Also, "Endless Ribbon Connecting Us" by Morag Myerscough, was installed underneath the canopy, bringing vibrancy and colour. 

Bull Yard

As part of a £2m investment, a gold-coloured resin-bonded gravel was laid and a new water feature was built. New lighting was installed, along with new benches and a children's play area. This region will also have the buildings demolished for new developments.

Coventry Railway Station

The new railway station extension opened in 2022, with entry points from Station Square and Warwick Road, providing a high quality gateway to the city, with additional capacity and improved accessibility to all floors for passengers.

Further improvements to the area surrounding the station include:

• the addition of a multi-storey car park with lift access to the station concourse
• an extension of the pedestrian boulevard to create a high-quality traffic-free route from the station to Greyfriars Green
• new access tunnel under Warwick Road from the transport interchange

Friargate

The first building of this project has been completed and the second is underway – it’s a mixed use scheme with improved connectivity already in place, in close proximity to all amenities, increasing the productivity of the workday and making living more comfortable and convenient.

Pending Improvements

Coventry City Centre Cultural Gateway

The former IKEA building is being transformed into the City Centre Cultural Gateway (CCCG), which is being created with the intent of becoming a staple spot in Coventry with hopes of facilitating the joining of multiple partners across transport, technology and the creative and cultural sectors to engage local people. CCCG will provide a new home for nationally recognised collections as well as establish a space for new research facilities.

Rail Station

Recently, the new railway station building and multi-storey car park was opened. The Coventry Station Masterplan project was developed using £82 million worth of funding from the West Midlands Combined Authority and the Coventry and Warwickshire Local Enterprise Partnership Growth Deal to improve accessibility and capacity. There are plans in place to develop a new station building onto this, which will house up to five retail units and have passenger facilities including new waiting rooms, toilets and ticket machines.

Coventry Very Light Rail

Coventry Very Light Rail is a research and development project, with the aim of developing an innovative track design and vehicle, and to deliver an affordable light rail system for Coventry, whilst helping to improve air quality and reduce congestion. The project has developed a new kind of vehicle and track that aims to provide a reliable transport system in Coventry at a lower cost than conventional light rail and still provide the same benefits. Installation of the system will secure local investment, provide local, high-skilled jobs, and put Coventry at the forefront of the green industrial revolution.

How will this affect the property market in Coventry?

With Coventry becoming a more appealing place to live and work, the demand for housing has surged. Due to the aid of regeneration projects and the attraction they have created for those looking for the perfect blend of modern and historical living, the city’s population has continued to grow, creating appreciation of a lot of the property values in response to the increased demand. A lot of the recent projects in Coventry have improved local infrastructure and amenities, making the area more family-friendly and attractive to a broader range of residents. Properties located near these newly improved locations have and will continue to witness a positive impact on their values.

Additionally, the influx of businesses and startups has attracted professionals from various fields, due to the increased job opportunities in the updated areas, which has contributed to the increased demand for housing. The development efforts by Coventry have also focused on emphasising sustainability, with things like ‘The Very Light Rail’, so homes based around this area and similar environmentally conscious features will likely be perceived as more desirable, which will also affect the surrounding property values.

Coventry’s regeneration projects have had a profound and positive impact on property values throughout the city - from revitalized cityscapes and improved amenities, to a growing job market and increased demand for housing, these initiatives have made Coventry a hotspot for real estate investment. Whether you’re a homeowner looking to capitalise on the rising property values or an investor seeking opportunities in a burgeoning market, Coventry’s regeneration projects have undoubtedly made the city an exciting place to be in the world of real estate.

For more information on the state of Coventry’s property market and potential challenges and trends, have a look at this article, where our Director offers some further insight.

Maya