Two international charities are the latest organisations to move into Coventry’s booming Creative Quarter with the shortage of office space now a real concern for the future growth of the area.
Reall and WEC International are bringing more than 50 staff to join the digital and creative companies which have made Coventry’s bohemian area their home.
The arrival of the two charities means all office space in the street is now fully occupied – with local agents, Bromwich Hardy, still experiencing heavy demand from creative companies.
Brian Harrabin, of developers Complex Development Projects, said the new arrivals were indicative of the high demand for office space in the area, underlined by a recent Warwick Business School report estimating that Coventry’s creative businesses have an annual turnover in the region of £0.5 billion.
He said: “This is further evidence of how Far Gosford Street is attracting organisations who are drawn by the alternative vibe which continues to get stronger. The creativity of Coventry is now firmly anchored in the street and this is proving to be a powerful draw to occupiers.
“We are not only achieving impressive rents, but also fielding a regular flow of interest. We want to keep attracting this sort of inward investment – it is really important that Coventry has a diverse economy and our fortunes aren’t solely based on the car industry, fantastic though it is.
“There is certainly an acute lack of office space for businesses in the creative and digital sectors wanting to move to Coventry or expand here particularly in the Creative Quarter which has become the most desirable location in the city for non-corporates.”
Reall has moved its 21 staff into new offices fronting Sky Blue Way to continue its international development work which focuses on a network of housing social enterprises in Africa and Asia.
The charity, which was established in 1987, is funded by the UK’s Department for International Development (DFID) and the Swedish International Development Co-operation Agency (Sida) and works with its partners to build affordable houses with good sanitation for people living in slum areas.
Karen Preece, interim chief executive and director of finance at Reall, said location had been key to their move.
“We wanted premises which conveyed a more professional image with a central location and this ticks all the boxes since it is a lively, busy area,” she said.
“We have always been based in Coventry where we use our contacts and work with our partners to grow a network of development enterprises to provide a decent level of housing which people can afford.
“We work in Asian countries such as Pakistan, Nepal and the Philippines and African countries including Tanzania, Kenya and Uganda.
“It is not just about giving them money but about developing social enterprises so that they become self-sufficient.”
UK and international charity and Christian missionary organisation, WEC International, has moved its headquarters from its base of nearly 50 years in Buckinghamshire to the Scala Building in Far Gosford Street.
Twenty-five staff have re-located to Coventry to carry on its diverse work which ranges from starting churches and youth work to music and the arts in the UK and over 80 other nations around the world.
John Bagg, UK Director of WEC International, said they looked at locations in Coventry, Birmingham, Leicester and Nottingham before choosing Far Gosford Street.
He said: “We didn’t want to move to a place where we were already working or if many like-minded organisations were already working and there was a gap in Coventry for our work.
“We chose Far Gosford Street because we liked the multi-cultural mix and the redevelopment work taking place which meant it was a really good fit.
“It has been wonderful to be embraced by the church community in Coventry and the local community around Far Gosford Street. Everyone has been very welcoming and it has been good to get involved in all the activities at FarGo Village.
“It’s a good time to come to Coventry and we want to be a part of what is happening here and make whatever contribution we are able to.”
The Harnall Row and Scala developments were undertaken by developers Complex Development Projects in partnership with Coventry City Council. The project were supported by funding from the European Regional Development Fund.