NEW LEASE OF LIFE
PLAN FOR MUCH NEEDED RENOVATION OF RUN-DOWN SHOPPING ARCADE
Councillors have been told that if the centre is to flourish, major work is needed to attract more big names.
PART of a run-down Coventry shopping arcade could be demolished and rebuilt to attract big name stores.
Coventry City Council says the plans to redevelop Riley Square in Bell Green will make the area more inviting for shoppers and businesses.
New homes are planned to replace those lost during the redevelopment, but the future for existing traders remains unclear.
The council-owned shopping centre, which brings in around £90,000 a year for the taxpayer, is set to be handed over to developers in order to allow the changes to take place – although the value of the sale has not been revealed.
Innovative Retail Development Limited (IRDL) is set to be handed a 150-year lease as part of the deal which will not only cover the shopping centre, but the residential flats currently under a lease to Whitefriars.
A council report into the plans suggest Whitefriars are “supportive” of the project.
Council-owned land at Almond Tree Avenue is to be handed over to Whitefriars to allow new affordable homes to be built and “to compensate Whitefriars for any future loss.”
Councillors will be asked at a cabinet meeting on Tuesday to approve the 150year lease for IRDL. The centre was built in the 1960s, with shops on the ground floor and flats above, and is now outdated and in need of repair.
It has also suffered from a change in shopping habits, with many people now travelling to nearby modern sites such as Arena Park, Courthouse Green and the Gallagher Retail Park.
At present, 10 of the 32 shops are empty, with several others on short-term leases. Some of the larger stores include Farmfoods and Lloyds Pharmacy, but councillors have been told that if the centre is to survive and flourish, major work is needed to attract more big name traders and bring back local shoppers.
Last year the city council asked Innovative Retail Development Ltd to carry out a survey and see what could be done to improve the area and now the company is ready to take on a 150-year lease for the whole site. The lease would allow IRDL to carry out extensive work to bring the centre up to date and make the whole area more attractive to retailers and residents.
A council statement said: “The council improvement work will take place over four years and will include the removal of canopies and improvements to lighting, shop-fronts and the general appearance of the area. There will be some demolition as the area is dominated by the flats and current entrances are narrow and unwelcoming.
“The whole area will be made more open and invit- ing to attract shoppers into the centre.”
It added: “IRDL say work will start as soon as the lease is signed and they hope to attract well-known names to the centre, but will also keep units available for smaller, independent retailers to create a real mix of shopping choices.”
The council’s report to cabinet reads: “The most obvious partners affected by this proposal will be local traders and tenants of the Whitefriars Housing Group.
“IRDL will consult all stakeholders as part of the regeneration/development process.”