Member Article

Three major deals for new complex in Coventry

The new owner of Cathedral Lanes has agreed deals to bring three major national brands to the development which it is transforming into a new restaurant and bar quarter.

Shearer Property Group has submitted a planning application to transform the largely vacant shopping centre into a vibrant new restaurant and bar quarter with outside seating in Broadgate Square.

The company, which bought the 65,000 sq ft complex from Hammerson in October 2014 for £5.5m, has signed deals with Wagamama, Las Iguanas and Cosy Club to open late in 2015, and applied for planning consent to create the new complex.

Under plans submitted, the building’s colonnade will be retained and new balconies will be created at first floor to give diners outside seating with westerly views over the square. The total costs for the first phase, including the restaurant fit-outs, will increase total capital investment in the scheme to around £12m.

Wagamama offers pan-Asian food and has outlets in 17 countries, including one in Leamington Spa, while Las Iguanas offers Latin American-style food using British produce. It was established in Bristol and is celebrating its 25th anniversary in 2015.

The Cosy Club has nine venues across the country and is billed as “club meets village hall meets cricket pavilion.” It is operated by Loungers Ltd, which is behind The Lounge chain.

Guy Shearer said: “There is a shortage of quality bars and restaurants in the city, so we are delighted to announce these important lettings which mark the beginning of the regeneration process for this core area of the city and mean that our first phase is fully let.

“The Council’s foresight to invest in the major regeneration and improvement of Broadgate Square was a major factor in being able to persuade these popular quality restaurants to come to Coventry.

“We share the Council’s regeneration vision and look forward to continuing to work closely with them to build on this initial success. We are confident of attracting further quality restaurants to Cathedral Lanes following the opening of our first phase.”

Ann Lucas, leader of Coventry City Council, said: “This is great news for Coventry and a real step forward for the city centre as we continue our drive to make Coventry a top ten city.

“We know the new owners of Cathedral Lanes have been really impressed by the work we’ve done in Broadgate to make it a great public space – the quality of that work is now reflected in these quality restaurant bars who want to come to the city centre.

“For the first time we’ll now have a real buzz in this part of the city centre in the evenings, and we’re hoping this is just the start of developing a new restaurant and bar quarter which the city really needs.”

Shearer Property Group, specialise in urban regeneration projects. It is based in London but has worked across the UK in towns and cities including Bath, Cambridge, Newbury, Weymouth and Shrewsbury. Savills advised SPG on the purchase and are retained as letting agents for the second phase.

This was posted in Bdaily's Members' News section by Matt Joyce .