The Cathedral Lanes shopping centre in Coventry's Broadgate Square has been purchased by Shearer Property Group (SPG) for around £5.5m.

SPG intends to create a new food and drink quarter and has already attracted interest from several leading restaurant brands not currently operating in the city.

Guy Shearer of SPG, said: "We have known the city - and Cathedral Lanes - for many years.

"The building has south and west facing aspects which are perfect for its conversion into a restaurant destination with outdoor seating, and the way it is constructed will allow us to transform it into a striking new building.

"Coventry is a great city which has recently under-performed in developing its retail and restaurant offer, and our scheme will give it a major boost and start to put the city where it should be."

The west elevation of the building, which fronts on to Broadgate and High Street, would be the first to be transformed with each of the principal new restaurant operators investing around £1m in fit outs.