October 1, 2020
Cadent, owners of the largest gas distribution business in the UK, is set to relocate a number of functions currently located in Hinckley, Coventry and Leicester to a brand-new purpose built building at Prospero Ansty from early 2022. The new building will improve the collaboration of teams across the current three sites and is being designed to facilitate a move to more flexible space to accommodate working arrangements
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 linked to RPI with a floor and cap of 2% and 4% per annum.
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. This has allowed them to review and significantly improve their working environment through partnering with Manse Opus, who will create a bespoke c.90,000 sq.ft office building to occupy from early 2022.
Cadent have been very specific about the sustainable principles that need to be embedded within the design of the facility and wider development. The scheme is designed to meet BREEAM “Very Good” and fulfil the applicant’s aspirations to reduce carbon emissions. This will include: significant provision of photo voltaic panels both on the roof and incorporated into the brise soleil; rainwater harvesting; optimisation of natural lighting via a light well; significant provision of charging points; extensive landscaping and sustainable drainage systems. 80% off all fit-out materials are procured and manufactured from within a 100-mile radius and include an element of recycled content where possible.
Located 6 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 internationally recognised 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, who own and partly occupy 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. The success of Prospero Ansty to date is confirmation of the superior location and existing established infrastructure.
Steve Hurrell, chief financial officer at Cadent commented, “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 commented, “We are thrilled to be supporting Cadent in delivering their 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. We are looking forward seeing the new Cadent building take shape over the coming eighteen months.”
Kris McPhail, Fund Manager at Aviva Investors, commented, “We are pleased to be involved in funding Cadent’s new office building at Prospero Ansty, particularly with the sustainable specifications being embedded within the building’s design. Not only will the use of local suppliers lower its carbon footprint during construction, the technology being installed will minimise energy and resource consumption through the life of the building. We believe this should deliver additional security to the long term cashflow this investment provides. These are exactly the type of investments we are actively targeting for the Lime Property Fund.”
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 in documenting the transaction. Pinsent Masons acted for Aviva and CMS acted for Cadent.