The developers behind the Priory Place apartment and leisure complex have bought the final piece that will allow them to complete the Phoenix Initiative jigsaw.

Complex Development Projects has acquired the former ribbon factory and Exchange and Mart building in New Buildings and is planning to transform it into six "loft-style" apartments and a bar and restaurant.

Several national companies have expressed an interest in the unit, which lies just off Trinity Street, and negotiations are at an advanced stage with one chain.

CDP director Ian Harrabin said:

"The ribbon factory occupies a strategic site in the Phoenix Initiative and has great potential.

“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 months.

“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.