Cadent to move to purpose built 90,000 sq ft office building at Ansty, Coventry

Cadent, the owner of the largest gas distribution business in the UK, to relocate some departments currently located in Hinckley, Coventry and Leicester to a new purpose-built building at Prospero Ansty from early 2022. Prospero Ansty is a 196 acre business park that is at the centre of the UK's manufacturing heartland.

The site is being developed by Manse Opus and funded by the Lime Property Fund, managed by Aviva Investors. The new office building is let to Cadent Gas on a 25-year lease at an initial rent of approximately £2.12 million per annum subject to five yearly reviews.

The opportunity for Cadent to have a purpose-built office space, arose because of various leases expiring and the significant capital cost of renovating parts of the old site at Hinckley. Manse Opus will create a bespoke c.90,000 sq.ft office building to occupy from early 2022.

Located six miles from Coventry city centre, Prospero Ansty offers a 200 acre Business Park which has the capability of accommodating 2,300,000 sq.ft of advanced manufacturing, research and office accommodation. The business park has proven popular with market leaders including several blue-chip companies.

Manse Opus is a collaboration between Edinburgh based Manse LLP and locally based Opus Land. The company was appointed by Rolls-Royce, which owns and partly occupies the park, to lead development and regeneration of surplus land.

This deal will be one of the UK’s largest out of town office lettings and it is the second pre-let by Manse Opus having recently completed the new award-winning headquarters comprising a 495,000 sq ft building for Meggitt PLC, which was also funded by the Lime Property Fund.

Steve Hurrell, chief financial officer at Cadent, said: “We are delighted to have found a location that allows us to remain broadly in our current geographical areas of Hinckley, Coventry and Leicester, which had been a specific feature of our search for new premises. Allowing our teams to work together more effectively in a modern and environmentally sustainable facility is important as we develop the Cadent brand.”

Richard Smith, Managing Director of Manse Opus, added: “We are thrilled to be supporting Cadent in delivering a new purpose-built building at Prospero Ansty. The choice from Cadent to move their staff to Prospero is yet another affirmation of the site’s many strengths as it makes a name for itself as a location that market leaders gravitate towards."

Manse Opus were represented by JLL in the letting and investment sale. Avison Young acted on behalf of Cadent. Savills advised Aviva Investors.

Gateley Legal advised Manse Opus. Pinsent Masons acted for Aviva and CMS acted for Cadent.