"The ribbon factory
occupies a strategic site in the Phoenix Initiative and has great
“The building is in a sad
state and was not far from being uneconomic to restore but we will
bring it back to its former glory and give it a new lease of life.
"We are in advanced
negotiations with one national leisure chain which is very
interested in taking the ground and lower ground floors. We hope to
be able to announce something in the next couple of months.
"The first and second
floors will be converted into six apartments and they will have the
most dramatic views of any in Coventry.
“They will overlook the
Priory Gardens and the Cloisters and the new visitors' centre, with
a backdrop of the Cathedral and Holy Trinity Church.
"It has been an
extremely difficult project and we have worked on it for the last 12
“Due to the continued
deterioration in the condition of the building, the only way to
guarantee its future was to step in and acquire it outright.
"The building has been
disused for around a decade and will require a great deal of work.
"We have been in close
touch with the Coventry City Council's Conservation Department as
the building is listed.
"It has high ceilings,
wooden floors and cast iron columns and other unique features, all
of which we hope to retain.