City of Culture would lead to massive investment

The development opportunities that will arise if Coventry wins the race to become City of Culture 2021 will be highlighted at MIPIM.

The team leading the bid to land the crown – currently held by Hull – believe it could be worth more than £100 million to the city and the surrounding area if they are successful.

That would be generated by visitors attending the programme of events but also by investment into property and infrastructure.

Already plans have been submitted to transform the former Coventry Telegraph building into a hotel and many more similar investments are expected should the bid get the thumbs up later in the year.

David Burbidge, chairman of the Coventry Culture Trust which is leading the bid, said the city was in need of key investment in several areas and winning the City of Culture title would act as a catalyst.

“Everyone knows that the city is in need of investment and development. The City Council has and is making significant strides on that front with initiatives such as Friargate and City Centre South, but if we were to be successful in our bid, there is no question that it would act as a strong stimulus for further investment particularly in supporting the visitor economy.

“Hull has just begun its year as City of Culture and has reported that more than £1 billion of investment has flowed into the city since the announcement of their success, including £100 million of capital investment in the cultural and visitor infrastructure.

“We want to be successful for several reasons – and one is that we believe that winning would bring a shift-change in city centre investment.

“MIPIM is the largest show of its kind in the world and many of the leading investors and developers will be there and it is key they understand the potential that at a successful City of Culture 2017 bid would bring.

“That, dovetailed with the exciting developments already planned, presents a very positive and powerful message to the property community.”

The Coventry and Warwickshire MIPIM Partnership is made up of leading companies and organisations which support the area’s presence at the show as part of a UK Midlands pavilion.

Key development and investment opportunities are highlighted through a major presence at the show and also through a series of key events.