Work has started on the transformation of one of Coventry’s most historic areas into a vibrant trading gateway and centre for creative enterprises.
Refurbishment work at the former Hand and Heart pub on Far Gosford Street and the 14th century grade II listed buildings next door marks the start of the first phase of a multi-million pound partnership to restore the Gosford Gate area as a vibrant trading gateway to the city.
The area’s redevelopment will include a new hotel at the entrance to the street, offices and business space along Sky Blue Way, offices at the entrance to the street’s main car park, improvements to the fabric of existing historic buildings, and re-use of vacant or derelict sites and public realm together with re-use of the old industrial estate to create a hub for creative enterprises.
The scheme is a partnership between regional development agency Advantage West Midlands, Coventry City Council, Coventry Warwickshire and Solihull Partnership, Far Gosford Street businesses and residents, Heritage Lottery Fund and local developers Complex Development Projects Ltd.
It is one part of the radical £2.2billion transformation of Coventry into a 21st century city.
Ian Harrabin, Managing Director of Complex Development Projects, said: “The Far Gosford Street area is one of the last historic areas in the city centre, giving it a unique character, but it is pretty run down.
“However, it has clear potential and this partnership will help see that realised. It will see not only a new hotel and offices but a vibrant living and work quarter designed for creative companies and groups.
“It is also a centre for independent shops and restaurants, and we aim to build on this to create a lively destination for the people of the city. The area has the potential to be like Camden in London with lots of creativity and a seed bed for alternative start-up businesses encouraging graduates to remain in the city.
“There will be a focus on arts, IT and design companies, which will feed off and support each other as well existing businesses. We fully expect it to become the cauldron of creative talent in the city and beyond.”
Henriette Lyttle Breukelaar, Partnerships Director at Advantage West Midlands, said: “I am delighted Advantage West Midlands has been able to commit millions of pounds to kick start the redevelopment of the Far Gosford Street area.
“We have invested £1.4million in the first phase of this area regeneration project and committed more to further phases. This has secured Complex Development Projects as development partner, which will generate a critical mass of development activity in the street and stimulate further investment by other property owners to improve their buildings.
“These public-private investments will create essential grow-on space and high quality office space to attract new, high value small and medium sized enterprises to the area. This will help to retain high growth businesses emerging from Coventry University’s incubation facilities, particularly in the growing creative sector, creating local jobs for local people and retaining talented graduates in Coventry.
“Far Gosford Street is a high profile area. The restoration of its historic physical fabric and the creation of a vibrant local economy will help change the perception of Coventry and encourage enterprise. A partnership between Coventry City Council, Coventry University, Business Link West Midlands and the Coventry and Warwickshire Chamber of Commerce to co-ordinate business support will further improve the long term prospects for new enterprises in the area.”
Councillor Gary Ridley, Cabinet Member (City Development), said: “The strategic support and investment from Advantage West Midlands is helping us work together on this once-in-a-lifetime opportunity to transform Coventry once again into one of the country's most important and successful cities.
“It is fitting that work to deliver the vision for Coventry's future involves the city's proud past with the transformation the historic Far Gosford Street area.”
Sharon Newport, from Coventry Solihull and Warwickshire Partnership, said: “The progress made to arrive at this point provides real evidence of the momentum the sub-region is gaining and of the impact of effective partnerships.
”Coventry – as well as the sub-region – has a well earned reputation for partnership working which has never been more important than it is in current market conditions.
“We view the regeneration of the Far Gosford Street area as key to improving the social and economic prosperity of the sub-region while at the same time bringing back to life a key part of the city.”