Building society sells former HQ
Coventry Building Society’s former headquarters in Coventry city centre has been sold.
The 44,649 sq ft four storey building, Economic House, has been acquired by Oxford Business College (OBC). OBC is recognised as the UK’s fastest growing private business college and has existing campuses in Oxford, London, Slough, and Nottingham.
Economic House was Coventry Building Society’s home for more than a century. The company vacated the building last year to consolidate all head office operations to Binley Business Park, including the recent acquisition of Coventry House.
Economic House, sold to OBC for £2.6m, is situated on High Street next to Coventry University’s campus. The buyer plans to overhaul the interior of the building and will be submitting plans to create 11 teaching rooms. The redevelopment work is set to be completed in 2024 ready for the start of the 24/25 academic year.
Ruth Winder, estates manager at Coventry Building Society, said: “Having successfully completed the relocation of our offices and new city centre branch, it was the right time for us to sell Economic House.
We are delighted to see the building go to Oxford Business College – an education provider committed to creating a high-quality learning and teaching environment that will benefit students in Coventry, and the wider community, for many years to come.”
Arthur Morgan, associate in Cushman & Wakefield’s Offices team in Birmingham, said: “Economic House is a prominent building that sits in a prime city centre location. We received considerable interest from a variety of companies looking to invest in and revive existing office space in central Coventry. It was a pleasure to secure the sale of the building on behalf of our client.”