Empty Premises Ideas

Discussion in 'First Steps To Starting A Business' started by Stevie Wonder, Feb 13, 2017.

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  1. Stevie Wonder

    Stevie Wonder UKBF Contributor

    93 19
    Hello All!

    I have a commercial property that will soon become vacant...

    I've been renting it out for the last few years, but before going down that road again I'm racking my brain trying to think if I could utilise the space with a business of my own.

    The building is Class B usage in terms of planning, in terms of size its just over 2000 sq ft.

    So far I'm thinking of splitting it up in to self storage units as a possibility, I would just need to know the building reg's and where to go for the fitting side of things.

    If anybody can share any other ideas, or insights/information regarding the self storage idea, it would be greatly appreciated!
     
    Posted: Feb 13, 2017 By: Stevie Wonder Member since: Mar 5, 2011
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  2. The Byre

    The Byre Full Member

    11,634 5,053
    Renting it out places you on the right side of the real-estate desk and involves you in 30 seconds work once a month, plus the occasional repair hassle.

    I realise that owning stuff and renting it out does not give you the same ROI as, say, a gay bar, but it is remarkably far from being labour intensive!
     
    Posted: Feb 13, 2017 By: The Byre Member since: Aug 13, 2013
    #2
  3. Stevie Wonder

    Stevie Wonder UKBF Contributor

    93 19
    This is True!

    That's why I keep going back to the self storage option. Could be wrong, but this seems to be a 'middle ground' between renting and beginning a whole new and more time consuming enterprise all together.

    Renting is very stable and like you say there is very little work involved..

    Does anybody have any info' regarding the self storage side of things???

    Thanks.
     
    Posted: Feb 13, 2017 By: Stevie Wonder Member since: Mar 5, 2011
    #3
  4. billmccallum1957

    billmccallum1957 UKBF Legend

    2,068 447
    I suspect that 2000 sq ft would be rather small for a self storage operation, many of our local providers are in 20,000 units.
     
    Posted: Feb 13, 2017 By: billmccallum1957 Member since: Feb 11, 2016
    #4
  5. Stevie Wonder

    Stevie Wonder UKBF Contributor

    93 19
    There are a couple near us that are in the region of 10'000 sq ft...

    As long as my costs are in proportion if not better per sq ft...

    At least with fewer units to fill I shouldn't struggle with levels of occupancy. I don't think there's any major service or facility the larger units have that make them more viable, at least to my knowledge.

    I would need to see if the return is that much better than renting the whole unit to one client...
     
    Posted: Feb 13, 2017 By: Stevie Wonder Member since: Mar 5, 2011
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  6. @TheMoneyCampaign

    @TheMoneyCampaign UKBF Newcomer

    3 0
    Hi Stevie which area is your building located? and is there demand for a new storage unit in your area?
    If you have struggled with ideas for B1 usage perhaps a change of usage could open up new possibilities of use.
    message me and I will connect you to an expert who is already in this filed and he will be able to answer your building specification requirements.
     
    Posted: Feb 15, 2017 By: @TheMoneyCampaign Member since: Feb 15, 2017
    #6
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