Property organisation takes 36,000 sq ft pre-let at Friargate

AN organisation representing the property industry is to relocate to Coventry’s Friargate development.

The Royal Institution of Chartered Surveyors (RICS) has agreed terms with developer Friargate Coventry to locate its new UK operational headquarters on the scheme, which is being developed adjacent to Coventry railway station.

Financial terms have not been disclosed.

The RICS plans to lease 36,000 sq ft of the second building to be built on the Friargate development. With a total of 100,000 square feet of Grade A office space available in the new building, this will create a further 64,000 sq ft of speculative office accommodation for release to the market.

The entire 37-acre Friargate development will, when fully completed, bring up to 15,000 permanent jobs to the city and another 7,800 jobs in construction. The scheme will create Coventry’s first ever business quarter. 

Stephen Reynolds from developer Friargate Coventry said: “It is wonderful news that RICS has chosen to relocate to Friargate and it affords us the opportunity to deliver much-needed speculative office development into the region.”

Sean Tompkins, chief executive of RICS, said  attitude and professionalism of Coventry City Council and the Friargate team was a key factor in its decision to locate their new UK operational headquarters in the city.

He said: “At RICS we are keen to continue our strong relationship with Coventry and believe our new building will be a fitting destination for surveyors from across the country and indeed the world. It will connect, complement and support our global headquarters on Parliament Square, London.”

Work on the new RICS building is expected to start in 2015.

Coventry City Council has already committed to the first new office building that will, from late 2016, provide a home for 2,000 local authority employees.

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