SEGRO takes Coventry office for Midlands expansion
SEGRO has signed a deal with Coventry City Council to lease 7,000 sq ft of office space.
It will rent the space on the 12th floor of the Two Friargate development on the city’s Park Road. As part of the 10-year lease 25 of the REIT’s national markets team will relocate to Coventry, where SEGRO-led projects include the development of SEGRO Park Coventry located south of the city, near the airport.
According to EG Radius data, the average achieved office rents in Coventry are around £18 per sq ft.
SEGRO plans to invest a minimum of £2bn by 2033 to create 13.5m sq ft of sustainable warehouse space throughout the West Midlands. These projects are anticipated to generate 14,000 new jobs in the region, spanning sectors such as logistics, research and development, and light manufacturing.
SEGRO has signed a deal with Coventry City Council to lease 7,000 sq ft of office space.
It will rent the space on the 12th floor of the Two Friargate development on the city’s Park Road. As part of the 10-year lease 25 of the REIT’s national markets team will relocate to Coventry, where SEGRO-led projects include the development of SEGRO Park Coventry located south of the city, near the airport.
According to EG Radius data, the average achieved office rents in Coventry are around £18 per sq ft.SEGRO plans to invest a minimum of £2bn by 2033 to create 13.5m sq ft of sustainable warehouse space throughout the West Midlands. These projects are anticipated to generate 14,000 new jobs in the region, spanning sectors such as logistics, research and development, and light manufacturing.
This announcement comes after Octopus Energy, one of the UK’s major energy suppliers, leased 44,480 sq ft of space at Two Friargate in April this year.
The 12-storey development is among the newest grade-A office buildings in Coventry. It is anticipated to receive a BREEAM Excellent rating.
Councillor Jim O’Boyle, cabinet member for jobs, regeneration and climate change at Coventry City Council, said: “SEGRO is an exciting business with an ambitious growth plan.
“Following quickly from Octopus Energy’s commitment to Two Friargate, this deal proves that the fundamental benefits of locating a business in Coventry are strong.”
Dan Holford, head of national markets at SEGRO, said: “Coventry is a city which appeals to us as a place to invest.
“We look forward to delivering our ambitious development programme, including SEGRO Park Coventry, and growing our position in the West Midlands from this fantastic new base.”
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Photo © Coventry City Council
