Strategic real estate advisor Avison Young has secured a major competitive property brief with Coventry City Council.
The three-year contract, commissioned through the Crown Commercial Service Framework, will see Avison Young’s multi-disciplinary team lead a large-scale strategic review of the Council’s ground lease property portfolio, the land it owns and generates income from via long-term leases for business, development and regeneration projects.
Comprising more than 350 assets across Coventry and the surrounding areas, Avison Young will identify opportunities to drive greater income from the portfolio that can be reinvested into core services, better meeting the needs of Coventry and its citizens.
Prime examples will include city centre areas where regeneration can be accelerated through the Council’s proactive involvement, and assets such as Westwood Business Park, a 100 acre business destination near Warwick University.
Councillor Jim O’Boyle, Cabinet Minister for Jobs Regeneration and Climate Change at Coventry City Council, said:
“Our strategic plan, One Coventry, is focused on making the most of opportunities ahead to help our city, and its people, grow and build a better future.
“This move will help us ensure we maximise the return we receive from our assets which will in turn benefit the Coventry taxpayer. Avison Young has a track record and knowledge of our city and the wider region and will add real value to our own resources. We’re looking forward to getting started and seizing the opportunities presented through this contract.”
This latest appointment adds to Avison Young’s strong track record in supporting major property investment activities for leading public and private bodies. As the largest regional Avison Young office, with more than 400 staff across Coventry and Birmingham, current briefs include acting as the strategic advisor to Birmingham City Council’s Commercial Investment Property Portfolio. Avison Young is also the longstanding adviser to the Greater Manchester Property Venture Fund (GMPVF), supporting it to leverage development opportunities and stimulate the local economy.
Carl Potter, Principal and Managing Director at Avison Young in the Midlands, said:
“Coventry City Council is an ambitious local authority with a clear mission to improve the lives of people in the city and surrounding areas. Our appointment is just one example of this in practice, where we’ll be able to take a long-term view, not only identifying regearing and new tenure opportunities, but also opportunities where Coventry City Council can play a more active role in projects and assets in the future.
“Combining many decades of experience spearheading projects like this across the UK, with unrivalled local knowledge and expertise in the Midlands, securing this brief is down to the talented people we have in our team. With work set to commence imminently, we’re confident in making the Council’s ground lease portfolio fit for purpose to drive greater income to be invested back into the local communities.”