Coventry Council urged to drop £60m cultural revamp of Ikea building

Plans to turn a five-storey former IKEA building in Coventry city centre into a cultural venue should be dropped due to the cost of the project, a Conservative councillor has said.

Gary Ridley, leader of the Conservative opposition in Coventry, said the recent collapse of ISG, the council-appointed contractors for the project “raises huge questions over due diligence at the council”.

He added that the project is “looking more and more like a financial black hole each day”.

According to the BBC, private reports indicate capital expenditure for the project would reach £60.1m, a figure that could rise following the collapse of the contractor.

The council has said it is confident of finding a new contractor and is currently in talks with two firms.

Naeem Akhtar, Labour cabinet member for communities in Coventry, said it was not fair to suggest the council should have predicted ISG’s collapse.

“The cost of delivering this project will be recovered through the rent of our partners, because this is a fully costed project,” he said.

“It’s not just a fantasy.”