Property deal seeks to relocate 300 people

COVENTRY City Council is set to announce plans to share its new building at Friargate to help a major employer stay and flourish in the city.

Councillors will meet on January 24 to discuss a plan that could see the Royal Institute of Chartered Surveyors (RICS) take over two and a half floors of the 11-storey building now taking shape near the railway station.

The move would mean that RICS is able to proceed with its expansion within the city and provide the council with welcome income.

At present RICS has major offices at Westwood Business Park, but it has been looking for new offices for several years and had originally hoped to move in to a second building at Friargate with another firm or organisation. The timeline for the move has meant that one viable solution could be to co-locate with the council in its new building.

Councillors will hear that sharing the new building could be the perfect fit and prevent the RICS looking for a new home outside the city.

Cllr Jim O’Boyle, cabinet member for jobs and regeneration said: “Obviously it would have been ideal if RICS were able to move into a second building at Friargate, but unfortunately that is not possible at present given their timescale for relocation and we believe this is an ideal solution to help them stay in Coventry and plan for the future.

“We would need to keep some of our staff in current office space in the city and restructure our move, but we would also have the benefit of generating an annual rent, which would help us cope with the tough financial situation we are facing and protect services for Coventry people.

“We are keen to help Coventry attract and retain big name employers and to create quality jobs for local people and this is another example of us working flexibly to get the best deal possible for the city. The move should also help to speed up the delivery of building two at Friargate. This is really important because if the area is set to thrive we can’t be the only people located there.”

If the RICS board approves the plan, it would relocate around 300 staff to Friargate from Westwood Park, sub-letting around 28,000 sq ft on a 15-year lease.

That would lead to the council retaining some existing offices for about 500 staff, including Broadgate House.  

There would also be a reception area alongside the council’s reception on the ground floor.

Friargate is planned to be a mixed-use development, including offices, hotels, housing, retail and leisure units as well as high quality landscaping and roads, which will regenerate the area around the railway station.