SEGRO boosts investment in Coventry with Friargate move
SEGRO, a leading owner, manager and developer of modern warehouses and industrial property, has agreed a deal with Coventry City Council to occupy around 7,000 sq ft of office space at Two Friargate in the city centre
The deal will enable the relocation of around 25 colleagues to Coventry as part of a major commitment to the West Midlands region. This builds on existing investment, which includes the delivery of the SEGRO Park Coventry development to the south of the city, adjacent to Coventry Airport.
Two Friargate is one of Coventry’s newest Grade A office buildings and the second building to be developed as part of the wider Friargate Business District. It sits adjacent to Coventry Railway Station, with fast connections to Birmingham, London, and Birmingham Airport. SEGRO will occupy the 12th floor, which benefits from a roof terrace, offering amenity and wellbeing space for colleagues.
The new Coventry office will be home to SEGRO’s National Markets team, which primarily develops, owns and manages larger, ‘big box’ warehouses used for logistics. SEGRO intends to invest at least £2 billion by 2033 to deliver 13.5 million sq ft of modern, sustainable warehouse space across West Midlands, including SEGRO Park Coventry. These developments are expected to support 14,000 new jobs in the region, across a broad range of employment types, from logistics to R&D to light manufacturing.
The announcement follows Octopus Energy, one of the UK’s largest energy suppliers, committing to Coventry after moving to Two Friargate, along with Ofqual’s move to neighbouring One Friargate.
Two Friargate is also one of the region’s most sustainable office buildings. The building is expected to achieve a BREEAM Excellent rating, putting it amongst the top 10% of new buildings for sustainability.
It is also connected to Coventry’s District Heating Network, providing access to more sustainable heating sources, and enjoys a WiredScore Platinum Rating for internet connectivity. These sustainability benefits align closely with SEGRO’s commitment to Champion low-carbon growth and reduce the environmental impact of its own operations and development activities.
Cllr 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. Already an investor in the city and region, the move to Two Friargate builds on the commitment the business has already made.
“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. We are well connected and have the skills and people that businesses need to thrive.
“It also proves that Two Friargate, and the wider district, is an attractive proposition for occupiers given the investment which has been made, and will continue to be made, in this location. We look forward to working with the SEGRO team to support their growth plans.”
Dan Holford, Head of National Markets, SEGRO, said:
“It is important to us to have a strong presence in the markets where we operate so we can develop a deeper understanding of the things that will be most important to our customers and communities, and build stronger relationships with all our stakeholders.
“Coventry is a city which appeals to us as a place to invest, and Two Friargate is ideal due to its city centre location, connectivity, amenities and strong environmental sustainability credentials. 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.”
About SEGRO
SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property. It owns or manages 10.8 million square metres of space (116 million square feet) valued at £20.6 billion serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in seven other European countries.
For over 100 years SEGRO has been creating the space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing (including data centres) located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive.
A commitment to be a force for societal and environmental good is integral to SEGRO’s purpose and strategy. Its Responsible SEGRO framework focuses on three long-term priorities where the company believes it can make the greatest impact: Championing Low-Carbon Growth, Investing in Local Communities and Environments and Nurturing Talent.
Striving for the highest standards of innovation, sustainable business practices and enabling economic and societal prosperity underpins SEGRO’s ambition to be the best property company.
See www.SEGRO.com for further information.