Pictured above: Cllr Gary Ridley;  Michelle Egan, Partnerships Manager at Advantage West Midlands; and Brian Harrabin from Complex Development Projects.

The transformation of one of Coventry's most historic areas into a vibrant cultural quarter and centre for creative enterprises is one step closer following the completion of refurbishment work at the former Hand and Heart pub on Far Gosford Street.

The pub's sensitive restoration to provide new business space and quality residential accommodation coincides with confirmation of £1.15 million funding from the European Regional Development Fund to continue the restoration of other historic buildings on the street through the Townscape Heritage Initiative.

The 15th century grade II listed buildings next to the former Hand and Heart pub are also being carefully restored.

Plans include quality new developments on surplus land, including a hotel near the Sky Blue Way roundabout, accommodation for digital, media and creative businesses,  restoration of historic buildings and re-use of an old industrial estate as a vibrant centre for creative enterprises.

The scheme is a partnership between regional development agency Advantage West Midlands, Coventry City Council, Coventry Warwickshire and Solihull Partnership, Far Gosford Street businesses and residents, Heritage Lottery Fund, local developer Complex Development Projects Ltd.

The City Council, Coventry University, Business Link West Midlands and the Coventry and Warwickshire Chamber of Commerce are working together to co-ordinate support for existing businesses and the partners are working with the Police, CVOne and local businesses to install CCTV cameras and improve the area's day-to-day management. The restored 15th century buildings will be used as a visitors' centre, business hub and regeneration office.

It is one part of the radical £2.2billion transformation of Coventry into a 21st century city.

Brian Harrabin, from Complex Development Projects, said: "The Far Gosford Street area is one of the last historic areas in the city centre, giving it a unique character, but there is still much more to do to transform it into a vibrant and desirable place to do business.

"There are also many unique independent shops and restaurants, and we aim to build on this to create a lively destination for the people of the city. The area has the potential to be like Brick Lane in the east end of London with lots of creativity and a seed bed for alternative start-up businesses encouraging graduates to remain in the city.

"There will be a focus on arts, IT and design companies, which will feed off and support each other as well existing businesses. We fully expect it to become the cauldron of creative talent in the city and beyond."

Michelle Egan, Partnerships Manager at Advantage West Midlands, said: "The first phase of this multi-million pound partnership to restore the area around the historic Gosford Gate as a vibrant trading gateway to the city is underway.

"So far Advantage West Midlands has invested more than £2million purchasing land and helping with property restoration costs, and has committed more to further phases. We are fortunate to have secured Complex Development Projects as development partner, who are committed to helping to transform this part of Coventry. Their investment and experience is expected to stimulate further investment by other property owners and help to stimulate the area's economy.

"These public-private investments will create essential high quality office space to attract new enterprises to the area. It will help to retain high growth businesses emerging from Coventry University's incubation facilities, particularly in the growing creative sector, creating local jobs for local people and retaining talented graduates in Coventry.

"Far Gosford Street is a high profile area. The restoration of its historic physical fabric and the creation of a vibrant local economy will help change the perception of Coventry and encourage enterprise."

Councillor Gary Ridley, Cabinet Member (City Development), said: "The strategic support and investment from Advantage West Midlands is helping us work together on this once-in-a-lifetime opportunity to transform Coventry once again into one of the country's most important and successful cities. 

"It is fitting that work to deliver the vision for Coventry's future involves the city's proud past with the transformation the historic Far Gosford Street area."