A prime recently constructed office in the centre of Coventry has been let for one of the highest rents achieved per sq ft this year.
Bromwich Hardy partner James Brookes said the five-year deal for the office at Harnall Row, off Far Gosford Street, had achieved a headline rent of £19.80 per sq ft – highlighting the urgent need for more purpose-built office space in the heart of the city.
“This letting shows the continued strength in the Coventry City central office market, with rising rents largely due to the lack of fit-for-purpose offices in the city.
“The limited stock that is available is tired and old and no longer fit for current office requirements. Therefore when quality stock such as this arrives on the market it leases for strong rental values and generally pretty quickly.
“More stock of small to mid-range size and of sufficient quality for modern occupiers, largely with open plan office space, is badly needed in the city to support the continued development of larger office spaces at Friargate.”
The Harnall Row offices, completed in autumn 2016, are close to the University, the city’s Creative Quarter and within a short walking distance to the main shopping core and the city central railway station.