COVENTRY City Council has revealed plans to buy a long-lease on Belgrade Plaza.
Belgrade Plaza, which was built with cash given to the council from the European Union, is being sold by owners Clearbell Capital.
As well as the 63 residential flats let by Coventry University, the development includes the Premier Inn hotel, a gym, restaurant and a newsagents, all of which will pay rent to the council.
Coventry council, which already owns the freehold on the site, said it had success investing in commercial properties, such as office space at Binley Court and the Ansty Road B&M Bargains.
Councillor Jim O’Boyle, Cabinet Member for Jobs and Regeneration, said: “The council has a long history of investing in commercial land and property to help fund our services and we select potential investments very carefully.
“It makes sense to try and guarantee that we can deliver more of our services to the citizens of Coventry by securing funding from commercial properties. And in fact we have a really strong track record in this area – with a property portfolio which generates a return of over £14 million a year.
“Belgrade Plaza is a good example of how we can invest in a local development to secure a return.”
The plans are set to be discussed by Cabinet on March 10.
Councillors are also set to consider a proposal to purchase Oak House at Binley Business Park. The purpose built two-storey, detached office block extends to 9,400 sq feet with 48 on site car park spaces. The Council already holds the freehold of this site which compliments its existing portfolio.
