Drinkwater Arcade

IMPROVEMENT PLAN IN SMITHFORD STREET Markets Committee Recommend Sale of Valuable Site DEMOLITION OF CORN EXCHANGE AS AID TO SHOPPING CENTRE Subject to the consent of Coventry City Council, on Tuesday, the Markets Committee will shortly carry into effect a scheme whereby they will dispose of a large and valuable site, on a 99 years' lease, in Smithford Street, enabling a further improvement to be made in one of the most popular shopping centres in the city. The scheme includes the demolition of the Corn Exchange and the widening of the Drinkwater Arcade. The properties belonging to the Markets Committee referred to are those which comprise the block between the White Lion Hotel and Market Street, and also certain properties on the west side of Market Street. Part of the property was recently leased to British Home Stores Ltd., whose new premises are now nearing completion. Regarding the property between the White Lion Hotel and the British Home Stores, the Committee recently invited offers for a building lease on conditions generally similar to those of the British Home Stores, and the most favourable offer recommended to the Council for acceptance is that from Cardigan Estates Ltd., of London. DRINKWATER ARCADE WIDENING The ground-floor space available, after allowing for a widening of Drinkwater Arcade, is approximately 637 square yards, and the lessees will have the right to erect buildings, from first-floor level upwards, over parts of Drinkwater Arcade of an area of approximately 94 square yards. All the properties on the land, except the Corn Exchange, are used as retail shops. Four are let on leases, which will expire in 1940, and the remainder are let on annual or shorter tenancies. The annual rents from these properties amount to £1,027. As regards the Corn Exchange, it will be necessary to obtain the consent of the Minister of Health to the proposed lease, for the scheme includes the demolition of that building. It is intended to provide alternative accommodation for those who use the Corn Exchange on Fridays in the Market Hall, where rooms are available. PREMIUM OF £28,000 The full recommendation to the Council proposes that, subject to the consent of the Minister of Health, Cardigan Estates Ltd. be granted a building lease on payment of a premium of £28,000 and an annual rent of £100. The company are to make their own arrangements for obtaining vacant possession of the properties and are, in any event, to start the demolition work as soon as the last of the leases expire in September 1940, thereafter to proceed with their building scheme. The company are to construct a new roof of a type to be approved by the Corporation over the widened Drinkwater Arcade, the cost of which will be borne by the Corporation, but which the company will maintain. ELEVATIONS OF NEW BUILDINGS The elevations of the new buildings are to be of terracotta or brick with stone facings, and they are to be the same height as the British Home Stores premises. The Corporation are to bear the cost of paving and lighting the Arcade, and in all other respects the conditions of the lease are to be similar to those contained in the agreement with British Home Stores Ltd.