£20 million development will kick-start regeneration of Harper RoadThe former Dairy Crest depot in Harper Road, Coventry is a step closer to being turned into student housing with the recent exchange of contracts on the sale of the derelict building.
Commercial Property Consultants Loveitts has sold the site to award-winning student housing developer Crosslane in a deal that brings a total of £20 million investment to the City.
The derelict site in Harper Road has planning permission for a 265 bedroomed student scheme in a new landmark development ranging from three to six storeys tall.
The investment will kick-start the regeneration of the area south of the University and includes opening a stretch of the River Sherbourne to the public.
John Pugh of Loveitts said: ‘The Dairy Crest site has lain empty for some time and had become a bit of an eyesore. This investment will not only bring some much needed redevelopment to the area but will also help to ease the pressure on the already strained residential market. The fact this is a dedicated purpose-built student development will encourage students to move away from the private rental sector thus freeing up homes that are better suited for family occupation. Moreover, the development will hopefully help to preserve some of the traditional office accommodation within the city centre which is still sought after by professionals and other businesses but which in recent times has been targeted by developers looking to convert into student accommodation’.
The Harper Lane site is very close to Coventry University and other areas that have undergone substantial regeneration in recent years and was ripe for redevelopment being just a short walk away from several of Coventry University’s most iconic buildings, including the futuristic engineering building and the University Library.
Crosslane, as the successful buyers in this case, have a wealth of experience in purpose-built student accommodation, having provided more than 3,100 bedrooms in projects across Europe with many more in the pipeline.
It was recently shortlisted in the Royal Institution of Chartered Surveyors Awards 2017 ibn the North East Residential category for a student development in Newcastle and has won various industry awards including the International Property Development Award 2017.
Loveitts are now searching for other sites both with and without planning permission for a number of retained investors and developers.