Arden University has acquired 24,523 sq ft of Grade A offices at Middlemarch Business Park, in one of the biggest lettings in Coventry in the last 12 months.
Arden, an online distance learning course provider, has agreed a 15-year lease on the whole of 1M.
The headquarters building has undergone major refurbishment, which also includes a new and extended ground floor reception area.
Middlemarch Business Park is a 94,000 sq ft office park located three miles from Coventry city centre. It boasts five separate office buildings set in nine acres of landscaped grounds
The park was acquired for £7.55m in early 2016 by Bridges Fund Management, a specialist sustainable and impact investor, in partnership with Evenacre. The partners have since invested more than £3m upgrading vacant buildings at the park to Grade A standards, alongside improvements to the landscaping and a comprehensive rebrand.
A new coffee shop, Java Lounge, has also recently opened on the park. Other tenants include lift maker Schindler, law firm Brindley Twist Tafft & James, Baldwins Accountants and Atlantic Airlines.
Paul Jones, managing director at Evenacre, said: “When we acquired Middlemarch in 2016, 70 per cent of the space was unoccupied and difficult to let due to the disruption caused by the £110m Tollbar road improvement scheme.
“Now that these infrastructure works are completed, providing easy access to the M6, M40 and A45, coupled with our investment in upgrading the development, we have now succeeded in letting the biggest single office building at the park.”
The Birmingham office of JLL advised Evenacre on the letting. James Andrew International acted on behalf of Arden University.
Vicki Burnett, senior surveyor at JLL, said: “This is a significant letting for Coventry. The market is seeing a return to institutional length leases and rents are increasing. As stock levels dwindle, interest in the park is very strong due to the highquality refurbishment, pleasant environment and excellent car parking ratio of 1:190 sq ft.”
JLL’s joint agent on the park is Knight Frank.
The remaining space includes a suite of 6,744 sq ft and two self-contained buildings of 3,871 and 4,772 sq ft.