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Coventry City Council’s cabinet looks set to approve a plan to purchase the long leasehold for land and commercial property around Belgrade Plaza.
Belgrade Plaza is up for sale and the 129,500 sqft area is currently 100% occupied – made up of the Premier Inn, 63 residential flats, J D Gyms, restaurants and McColl’s, which will all pay their rents to the Council if the deal goes ahead.
The Council has had previous success in investing in commercial properties, such as 32,000sqft of high quality office space at Binley Court and a B&M Bargains Store on the Ansty Road and over the last few years has been investing in land and property which it believes will provide a positive return for many years.
Councillor Jim O’Boyle, Cabinet Member for Jobs and Regeneration, said: “The Council has a long history of investing in commercial land and property to help fund our services and we select potential investments very carefully.
“It makes sense to try and guarantee that we can deliver more of our services to the citizens of Coventry by securing funding from commercial properties. And in fact we have a really strong track record in this area – with a property portfolio which generates a return of over £14 million a year.
“Belgrade Plaza is a good example of how we can invest in a local development to secure a return.”
The plans are set to be discussed by Cabinet on 10 March 2020
Cabinet will also look at a proposal to purchase Oak House at Binley Business Park. The purpose built 2 storey, detached office block extends to 9,400 sq feet with 48 on site car park spaces. The Council already holds the freehold of this site which compliments its existing portfolio.