Spending millions of pounds cleaning up a derelict Coventry eyesore is a ‘perfect example’ of the investment needed to kick start the city’s economy after the coronavirus crisis.
The site at Abbotts Lane site, just north of Coventry city centre, was a National Grid depot and operations centre and has been vacant since 2012.
Last week funding was confirmed by the West Midlands Combined Authority (WMCA) that will unlock and transform the brownfield site for housing.
“The funding for Abbots Lane is great news, and it is a perfect example of the kind of practical investment in a major scheme and that will help kick start the city’s economy after the coronavirus outbreak.
“The West Midlands is leading the way for the rest of the UK in reclaiming our old industrial sites, and it is crucial we keep up the momentum we have built. Investments like this deliver much-needed land for development, safeguarding existing jobs and creating new ones in the process.
“As we start to consider how to come out of lockdown, the construction industry will be one of the areas we look to - so it’s vital that prime development sites like Abbots Lane are made available.”
Last year Complex Development Projects (CDP) – the company behind the Coventry Telegraph Hotel, bohemian FarGo Village and the eco canalside scheme at Electric Wharf – submitted an outline planning application to Coventry City Council to build 700 flats on the land at Abbotts Lane in a £140million scheme.
CDP acquired the 5.5-acre site from National Grid in 2017, and has been working with WMCA and the council on the project which will regenerate the brownfield site.
The announcement from the WMCA’s Investment Board is a strong signal to the market that the region is continuing to use its brownfield site investment to keep the wheels of the economy turning during the unprecedented lockdown and give the private sector the confidence to invest and develop key sites.
Numerous multi-million-pound investments have been signed off by the WMCA as the region continues to lead the way on brownfield regeneration, economic development and housing delivery.
The strategic funding programme set out by the WMCA includes commitments to offering affordable homes under the innovative new regional definition of affordability, which is applied to all projects it helps fund.
It also commits to working with socially conscious developers to design areas with local character, deliver inclusive growth in town centres and growth corridors, provide apprenticeships and build sustainably using advanced low-carbon methods of construction.
The ongoing investments under the brownfield funding pipeline come as the WMCA continues a positive dialogue with Government on securing more investment to further propel the programme.
Urban centre regeneration is a priority for the WMCA, especially as part of the region’s comprehensive and bold town centre regeneration and renewal programme.
Cllr Mike Bird, WMCA portfolio holder for housing and land and leader of Walsall Council, said: “A significant funding package has been agreed to breathe new life into sites across the region, which will help the region’s economy recover following the coronavirus crisis.
“These brownfield sites would most likely remain derelict without the WMCA’s intervention. By stepping in like this we can bring them back into use and help relieve pressure on the Green Belt.
“The building industry will be crucial when we come out of lockdown which is why we are continuing to make these significant investments and help put ourselves on a clear path to economic recovery.”