Coventry Building Society enlisted the advice of strategic real estate adviser Avison Young in its relocation within Oxford city centre, resulting in a move that better reflects its brand positioning.
Having operated from premises just outside Oxford’s prime pitch for some 30 years, Coventry Building Society, the UK’s second largest building society, has now opened a new branch in the heart of Oxford city centre.
Chris Wright, Director at Avison Young who advised the building society throughout its relocation, said, “The move into Oxford’s prime retail area will enable Coventry Building Society to be at the heart of visitor footfall. With its new position at the entrance to the Westgate Shopping Centre, the building society now has a valuable shop front to help attract new customers and reflect the values of the business in a way their previous location was not able to do.”
The latest branch design is being incorporated into the refit of the c3,000 sq ft unit at 19 Queen Street, over basement, ground and two upper floors.
Avison Young negotiated a new ten-year lease with commercial landlord Brockton Everlast, at a rent of £130,000 a year.
Chris Wright continues, “The high street across the UK has been at the centre of a much-documented structural shift, accelerated by Covid, with footfall levels currently remaining around 20% below their pre-pandemic levels. Those retailers and services who thrive on the high street offer a personal experience for their customers that they cannot get online.
“By understanding the needs of its customers and bringing its new look branch right into the heart of Oxford’s shopping quarter, Coventry Building Society is giving a real boost to the city and demonstrates a vote of confidence for the future.
“By using our national and regional knowledge and being aware of the pressure that high street retailers are under, at Avison Young we’ve been able to advise Coventry Building Society on the best relocation that will enable them to continue to bring their award-winning services directly in front of their customers.”
