A city council is set to receive £3 million for a long-term lease of a property.
Coventry City Council agreed the 123-year-lease for the office building, situated on Binley Business Park, to Coventry Building Society at a full council meeting on Tuesday.
The building society, who are the existing tenants of Oakfield House, said the agreement represented the best value for the city in monetary terms, as well as supporting a local business.
Councillor Jim Boyle said the lease will allow the banking firm to make improvements to the building by decarbonising it, making it a “win-win”.