Coventry Council wants control of two Royal London assets
Coventry City Council is set to discuss plans to take control of Coventry Market and the Lower Precinct from Royal London Asset Management (RLAM).
The council currently owns the freehold to the sites, while RLAM has a long-term lease over the retail spaces.
Coventry City Council say that discussions have already begun regarding taking back control of the lease.
The Lower Precinct consists of 200,000 sq ft of retail space across over 40 commercial units, while Coventry Market has been at the site since 1958 and is home to a variety of stalls.
The council say the two sites represent part of the city centre which has seen a number of improvements over recent years, while part of the land sits alongside the planned City Centre South Redevelopment, set to deliver up to 1,500 new homes.
Councillors will meet next week to discuss two options: they will consider taking over the whole lease for both the market and the Lower Precinct, or just part of the lease covering the market.
Councillor Jim O’Boyle, cabinet member for jobs, regeneration, and climate change, said: “Our city centre has gone through some incredible changes and there is a lot of work still to come as we make it a truly modern centre that is attractive to shoppers, visitors, and businesses.
“City Centre South will be a major step in that work, but we also want to make sure that we protect our much-loved assets such as the Lower Precinct and market.
“It makes sense for us as a council so we are in a position to take action when needed and make sure they have a strong and healthy future – just as we are doing with the rest of the city centre and the city as a whole.”
RLAM has been contacted for comment.