Coventry: Boosting Tourism
Tourism plays a vital role for local economies; it stimulates trade, creates new jobs, and leads to further investment and regeneration. Our historic environment is intrinsically linked to economic activity; the conservation, use, and re-use of our precious heritage assets open new opportunities for growth.
One of the main drivers for the Coventry HAZ was to improve the perception of the city for potential tourists and bring a new luxury form of visitor accommodation to market with the restoration of six medieval buildings. By restoring the empty heritage assets income would be generated for the buildings’ futures and for Historic Coventry Trust. The local economy would benefit from capital investment and by visitor spending in the city.
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In Winter 2021, six historic properties were opened as visitor accommodation; four unique medieval timber-framed cottages, and two in the city gates of Cook Street Gate and Swanswell Gate. Prior to opening, these buildings produced no income due to their poor condition. Post restoration, the annual projected income after costs in the first few years is expected to be £35-40k, with an average occupancy rate of 70%.
By restoring these buildings for commercial use, not only is the heritage asset saved but the Historic Coventry Trust is able to develop into a ‘Heritage Development Trust’ going forward with ambitious plans to deliver an innovative scheme to revitalise the city centre of Coventry.
