Coventry University is going places. Since 2016, the city’s two universities have announced £1 billion of spending on new infrastructure and facilities. This includes the £73 million new student accommodation development on the site of the old Royal Mail sorting office, a £150 million National Automotive Innovation Centre at the Gibbet Hill Warwick University Campus, and a new £4.5 million Coventry University campus in London. That’s right, CU announced in May last year¹ that they were converting the Grade 2 listed Dagenham Civic Centre in East London into a new campus for 3000 students.
Students are flooding to Coventry from across the UK, the EU and around the world, prompting a huge growth in student accommodation projects. This is good news for students, local businesses and construction contractors in the area.
From Ghost Town To City Of Culture
From being ridiculed as a ghost town just a few years ago, Coventry is now expanding at a rapid pace. In 1980, Coventry boy Neville Staple of the ska band The Specials wrote the song Ghost Town in despair at the dilapidation and unemployment wracking his home city. 38 years later the tables have turned, with Coventry being awarded the title of ‘UK City of Culture’ for 2021. The economy in Coventry is coming on in leaps and bounds.
Student accommodation plays a major part in this. Not only are the universities seeking to encourage more students by providing high-quality halls of residence, but private landlords are also getting on the bandwagon. The student rental sector is now seen as paying better dividends than the private buy to let market.
Opportunities For Construction Firms
What this means for construction firms around Coventry is clear. Brace yourselves for several years of continuous growth in the housebuilding market. Contractors can take advantage of large-scale developments, of course, but there are also thousands of smaller developments that will never make the newspapers, such as townhouses being transformed into student flats, new bars, shops and businesses opening to support the student population.
Whether you are currently involved in student accommodation projects or not, the next few years will be a time of golden opportunities for construction businesses in Coventry. To support you, at Key Services we offer a wide range of specialist construction tools from great manufacturers at competitive prices. Visit our product pages to find out more.