Friargate Coventry
Friargate has become an established destination based around new commercial developments, and public realm with a commitment to sustainability and leading environmental standards.
It is a world-class commercial and residential offer in an unbeatable location with a mixed-use, multi-phase masterplan requiring differing forms of investment.
OPPORTUNITY
Friargate JV Project Limited is open to investment structures to accelerate the delivery of future phases that will include offices, residential, retail, leisure and hotels.
The framework is established, with new infrastructure, new public spaces and the first high-quality office, One Friargate, occupied by Coventry City Council, The Financial Ombudsman Service, Homes England and fast-growing international IT business, Kagool.
The second office, Two Friargate, is due for completion in late Spring 2023, and a 100-room boutique Hotel Indigo will open Christmas 2023.
Promoter: Friargate JV Project Limited; Delivery by Friargate Coventry Developments Limited
Scale: £700m+ GDV
Sector: Office, Residential, Mixed-use
Location: Coventry City Centre
Investment Type: Range including partnership, direct development, or other forms of co-investment
Programme: Under construction in several phases over a 15-year period. Two Friargate and Hotel Indigo are under construction and due for completion in 2023 with the next phase of development being planned for 2024 onwards
Planning Status: Friargate Masterplan approved; first office built, second office and Hotel with detailed approval and under construction
Website: www.friargatecoventry.co.uk / www.twofriargate.com
BACKGROUND
Coventry is a place of heritage and culture that always has a story to tell;
an historic city at the modern heart of the country. Coventry is an established centre of retail, culture and business. Ranked by PwC as the eighth ‘best city in the UK to live, work and do business’; a recent study by the Guardian identified Coventry as ‘…one of the five stand-out UK cities for jobs and business.’
With a rich past and an exciting commercial future, Coventry is helping to drive the growth agenda as a place of ingenuity, cutting-edge manufacturing and commercial innovation.
Less than one hour from London, Friargate is one of the largest mixed-use developments in the West Midlands. An ambitious new business destination, Friargate is delivering prime new offices, hotels, homes, shops, restaurants and public space – all next to Coventry railway station and just a five-minute walk from the city centre.
Friargate won the 2017 West Midlands Regeneration Project of the Year at the West Midlands Property Awards, while One Friargate has won a number of awards in 2018, including the British Council for Offices (BCO) regional awards: Best Corporate Workplace and the LABC West Midlands Awards: Best Public Service Building uplift.
DESCRIPTION
Friargate will deliver almost 300,000m2 of mixed use development and generate thousands of new jobs. In total, Friargate will deliver 25 sustainable new buildings including 213,677m2 of Grade A offices, two hotels, 19,974m2 of retail, at least 400 new homes plus 10,219m2 of leisure.
PROMOTER AND PARTNERSHIPS
Friargate JV Project Limited is a UK registered limited company established to deliver the Friargate project. It is owned and managed by Coventry City Council and the Cannon Kirk Group, a Dublin-based development and property investment business that includes US venture capital, Oaktree Capital Management, among its shareholders.
The JV Company consolidates a long-standing working arrangement with Coventry City Council to help accelerate project delivery while working closely with West Midlands Combined Authority.
LOCATION
Friargate benefits from direct access to London in under an hour and is only a 10-minute train journey from Birmingham Airport and the HS2 Interchange, the new high-speed rail terminal. There are few developments, anywhere in the country, that are as well connected as Friargate.