7 Sep 2020
M7 lets city centre office space to private student accommodation provider
M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that, on behalf of Movvi Ltd, it has completed a new lease to Godiva Property Limited, a private student accommodation provider for Coventry University.
A 25-year lease has been agreed at a rent of £20,000 per annum with RPI linked five-yearly reviews at Castle Yard, Coventry. 1,703 sq ft of space is currently being refurbished to provide nine individual student bedrooms at first and second floor level, including ancillary additional ground floor storage, and is due to complete by the end of 2020.
Castle Yard, a site comprising nine retail and office units in Coventry, was acquired in 2015 on behalf of Movvi Ltd, a separate account mandate for a private trust managed by M7. The acquisition was in line with the fund’s strategy of investing in assets providing long term sustainable income and diversification of risk while providing an opportunity to add value.
Victoria Lane, Asset Manager at M7, commented: “Godiva was a perfect occupier to add to the diversity we have already on-site; tenants include restaurants, coffee shops, tattooists, hair salons, recruitment companies and financial service providers. It became apparent while marketing the vacant office suite that the unusual layout and courtyard access didn’t lend itself to a regular office occupier, so it was great to work with Godiva to support them with their change of use application to allow for an alternative use for the space”.