A guide to renting a shop in Coventry
Looking for shops to rent in Coventry? Here’s what you need to know.
Coventry is the UK’s twelfth largest city and the second biggest in the West Midlands behind Birmingham.
Historically, Coventry has a history rooted in industrialism, home to bicycle and car manufacturers, as well as watchmakers. In recent years, like much of the country, the city’s economy has shifted towards the service industry with a focus on business services and finance, research and design, and creative industries.
Coventry is home to a number of shopping centres and leisure spaces, making it a great place to look for shops to rent.
Attractions
Awarded City of Culture in 2021, Coventry is host to many museums, reflecting the rich history of the city. Visitors may take a trip to Coventry Transport Museum, which has the largest collection of British-manufactured vehicles in the world.
The Coventry Music Museum, and the Herbert Art Gallery & Museum are good options for those who enjoy taking in the culture of the city, while Midlands Air Museum is a great choice for aviation and history fans.
The 14th century St. Michael’s Cathedral was mostly destroyed during The Blitz, leaving only the spire and the outer walls, but remains a popular tourist attraction. Its spire is claimed to be the third-tallest in Europe, and forms the city’s ‘three spires’ alongside Christ Church and the Holy Trinity Church.
Coventry Cathedral, constructed after the war, is one of the newest cathedrals in the world.
The city is also home to various sporting teams, including Coventry City Football Club and rugby union team Coventry R.F.C. The city’s motoring heritage also saw it host stock car racing from 1954 until 2016.
Demographics
The second largest city in the West Midlands, Coventry is home to over 345,000 people.
Coventry is a very ethnically diverse city, with over a third of the population identifying as non-white. Asians are the most represented minority, making up over 16% of the population.
Home to Coventry University and The University of Warwick, the city also has a large student population, with the former home to some 30,000 students across its campuses.
Transport
Coventry is served by railway lines from major cities including London, Birmingham, and Wolverhampton. It is also to three suburban lines, one of which transports passengers to Coventry Arena.
The city is also served by a number of bus services, and is set to receive 130 electric buses in 2023 with the aim for an all-electric bus fleet by 2025.
A light rail system is also planned for the city, expected to be operational by 2024.
Shopping centres
Coventry is home to a number of shopping centres, including West Orchards, which hosts a variety of retailers including Vision Express, The Body Shop, Holland & Barrett, The Perfume Shop, WHSmith, and Goldsmiths. It also boasts a food court which opened in 2018, which accommodates favourites such as McDonald’s, KFC, and Subway.
There are a few smaller centres too, such as Cathedral Lanes Shopping Centre and The Precinct. The Skydome multiplex in the city centre comprises a casino, a gym, and a cinema, along with a number of restaurants and bars.
Coventry also plays host to Alvis Retail Park, situated along the A4114 and linking directly to Coventry City Centre. Occupiers at the park include B&Q, DFS, Carpetright, Harveys, Bensons for Beds, Sofology and McDonald’s.
Costs
With an average price per square foot of £24.74, Coventry is 39th in the list of most expensive cities and towns in the UK to rent. It’s important to ensure your rent fits your budget. You can do this by calculating the percentage of your income that will go towards it. Retail businesses typically spent 5-10% of their income on rent.
Business rates are another important factor to consider. This is a tax on non-domestic properties, calculated using the property’s rateable value. You can find detailed information and calculate your business rates here.
Fitting out your shop can also be costly, especially if you are a first-time shop owner. The average costs of a shop fitting per square foot in the UK are:
- Low specification – £60 per sq ft
- Medium specification – £90 per sq ft
- High specification – £140 per sq ft
Be sure to get quotes from the various tradesmen and specialists you may need so you can compare and get the best deal. Buying from second-hand sites can also help you save money. Additionally, consider essential services such as water, gas, electricity, internet and insurance. Look around to find trustworthy and competitive suppliers. You can read more tips on opening your first shop here.
Agents with Coventry offices
Population
345,300
Annual Visitors
8.2 million
Properties on Completely Retail
???Find shops to rent in Coventry here.