Council to buy up shops ahead of £300m Southside development

By Matthew Bates Wednesday 09 January 2013 Updated: 10/01 13:38

Latest News

Buy photos » The shops to the right of Shelton Square are set to be snapped up by the council.

COUNCIL bosses are set to buy up seven shop buildings in the first moves towards the huge development planned for the city centre.

The Shelton Square buildings - which house Greggs, two Polish shops and a jewellers - are available after a property company went bust.

They all fall inside the boundary of the ambitious £300million Southside development.

The council already owns the freehold of the land but does not own the buildings or receive any rent.

The Southside plan was given outline planning permission last year, with work aimed to start around 2016 when the council would have to have paid above the market value to compulsorily purchase them to make way for the redevelopment.

A report that went before its cabinet on Tuesday claimed borrowing cash for the deal now would be the best solution while it could claw some money back in rents from existing tenants.

It added risks included one or more of those going bust and income being lost but claimed the price set to be paid reflected that.

Council officer Paul Beesley told councillors: "Initially the investment acquisition is to be seen as a financial transaction however if it helps to deliver a redevelopment of the city centre this would help to make Coventry a more attractive and enjoyable place to be encouraging a more active and vibrant city centre, improving the environment providing a more energy efficient development."

Latest News

Buy photos» How Shelton Square would look under the South Side project. (s)

Regional news »


Rugby Observer
Pupils praised for GCSE results

SCHOOLS in Rugby celebrated another year of academic success when ...

Solihull Observer
Building work on A45 bridge in the pipeline

BUILDING work to reduce congestion and improve safety on the ...

Leamington Observer
Two Leamington men jailed for raping escort

WHEN two men came across a young escort who had ...

Redditch Standard
High demand at A&E

UNPRECEDENTED seasonal demand is being placed on A&E today (Tuesday). ...