New Era Developments Secure Funds Worth £27m
14th Aug 2018
One of Coventry's oldest companies has raised concerns over the amount of student accommodation being built in the city centre.
Estate agents and auctioneers Loveitts believe businesses are being forced out and is urging on developers to do more to get the balance right.
A director at the company has appealed to firms developing projects in the city centre not to neglect other sectors at a time when the focus is on delivering an increasing number of student bedrooms.
Loveitts are concerned this is leading to a loss of traditional office space, which is inevitably force existing office occupiers out of the city centre and potentially out of Coventry itself.
Despite the concerns, John Pugh, a director of the firm, accepts the need for student accommodation due to increased demand. He commented: "Obviously, the importance of the student sector is recognised with Coventry offering two first class universities, with more than 20,000 new students from over 140 countries making Coventry and Warwickshire their home this year."
However, Mr Pugh argued that a greater mix of developments is needed to ensure sustainable growth. He added: "There are numerous commercial enterprises which favour a city centre location as often they are dealing with general members of the public - estate agents, accountants and solicitors being a case in point, amongst many others."
"A hybrid approach to city centre developments will lead to sustainable growth for all stakeholders."
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