Electricity provider Octopus Energy's decision to spread its tentacles and relocate into much more space at its Coventry home was the West Midlands letting that had the most impact in 2024, according to the judging panel of real estate professionals, winning it a CoStar Impact Award.
The group opened a 10,000-square-foot operation at the Two Friargate development in March last year, moving 150 staff from nearby Leamington Spa where it had reached capacity. By November Octopus had agreed to occupy an additional 55,000 square feet, preparing it for the recruitment of an additional 300 staff in the city.
The electricity provider, which plans to grow nationally and internationally, will occupy five floors in Two Friargate, where it will occupy around 50% of the circa 133,000 square feet.
Octopus has operated in Coventry since 2019, following the acquisition of Co-op Energy. It recently acquired Coventry-based Shell Energy, prompting its initial lease at Two Friargate.
About the project:
The scheme is one of the region’s most sustainable offices and is expected to achieve a BREEAM Excellent rating, putting it "amongst the top 10% of new buildings for sustainability".
Owned by Coventry City Council, the building is next to the railway station, with the development's transport links and sustainability credentials understood to be key factors in Octopus's decision to acquire extra floors. Segro, the UK's largest real estate investment trust, has already taken the top floor.
What the judges said:
"This involved the provision of a BREEAM excellent building with excellent transport connections for a growing national and international company. The new office allows the the recruitment of 300 new staff in the city," said Rob Groves, the joint head of development, MEPC.
They made it happen:
The landlord's agent was Cushman & Wakefield with David Rigby, partner, leasing agency, offices; Scott Rutherford, partner; and Callum Gilbert, senior surveyor, were all on the deal. Paul Dart, partner, Monmouth Dean, acted for the tenant; Adam Hunt, head of property and development, Coventry City Council, worked for the owner.
