What can I do with 4000Sq/Ft of office space?

Discussion in 'General Business Forum' started by DannySB1, Jul 3, 2019.

  1. DannySB1

    DannySB1 UKBF Newcomer Free Member

    19 0
    I have been given the opportunity to take on 4000 Sq/Ft of office space at a stupidly low price. I already run my own e-commerce business which is not in need of a premises this size. However, I do have around 10 - 20K saved which I could put into a new venture if the opportunity arose.

    I have been brainstorming business ideas for the past couple weeks that could make real use of these premises and thought I would put it to the minds of UKBF for more ideas.

    Ideally the business would be something I could devote time to set up and get running, but then be able to hire and train someone to oversee the day to day running whilst I take a step back.

    Does such a thing exist? All ideas (no matter how crazy!) will be greatly appreciated...
     
    Posted: Jul 3, 2019 By: DannySB1 Member since: Feb 15, 2015
    #1
  2. JEREMY HAWKE

    JEREMY HAWKE UKBF Legend Full Member

    4,032 1,276
    Serviced office and meeting rooms
     
    Posted: Jul 3, 2019 By: JEREMY HAWKE Member since: Mar 4, 2008
    #2
  3. intheTRADE

    intheTRADE UKBF Regular Free Member

    123 24
    @JEREMY HAWKE beat me to it.

    Definitely serviced offices/meeting rooms.

    If there is demand in your area then it can be very lucrative. Easy to market also through companies like Instant Offices and FlexiOffices
     
    Posted: Jul 3, 2019 By: intheTRADE Member since: Apr 14, 2019
    #3
  4. Mr D

    Mr D UKBF Legend Free Member

    16,782 1,874
    Not enough investment to do anything involving much staff time so letting others use the premises - subject of course to ability to do that in the lease - is probably best option.
    Different levels of service needed by different people so perhaps by the hour, day, week etc could work.
     
    Posted: Jul 3, 2019 By: Mr D Member since: Feb 12, 2017
    #4
  5. WaveJumper

    WaveJumper UKBF Enthusiast Free Member

    564 100
    Agree with all above, retail park here has spent thousand converting old house for same use, opened this year and it never seems to be empty, all manor of business's appearing to meet up for meetings from Gas, Sky, BT etc
     
    Posted: Jul 3, 2019 By: WaveJumper Member since: Aug 26, 2013
    #5
  6. The Byre

    The Byre UKBF Ace Free Member

    8,978 3,509
    What exactly is a 'stupidly low price' and where is this office space and under what conditions are being offered?
     
    Posted: Jul 3, 2019 By: The Byre Member since: Aug 13, 2013
    #6
  7. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,492 1,046
    It’s s rather odd premise to start a business. First of I’d question why the ‘stupidly low price’. From experience low prices usually turn out to be market price

    That said, if you can establish demand, ax gas been said the services office - particularly co-working is currently booming.
     
    Posted: Jul 3, 2019 By: Mark T Jones Member since: Nov 4, 2015
    #7
  8. DavidWH

    DavidWH UKBF Enthusiast Free Member

    1,455 266
    Are you being offered the property to buy or rent? the way you say "take on" implies to me taking on an existing lease?

    If renting, you may have issues subletting the property as smaller offices.
     
    Posted: Jul 3, 2019 By: DavidWH Member since: Feb 15, 2011
    #8
  9. Financial-Modeller

    Financial-Modeller UKBF Regular Full Member

    399 112
    I work out of two serviced offices & have worked with operators of and investors in serviced offices.

    It can be a great business model.

    As a minimum you will need to provide:
    A range of desk spaces, and informal / formal meeting spaces
    Decent WiFi
    Plenty of power / charging points
    Refreshments
    Cleaning
    Quiet space for calls/conference calls
    A way to monitor IDAM & perhaps combine with invoicing
     
    Posted: Jul 3, 2019 By: Financial-Modeller Member since: Jul 3, 2012
    #9
  10. consultant

    consultant Your Business Community Staff Member

    5,456 754
    Yup, deskspace etc.

    Where is the office/opportunity?
     
    Posted: Jul 3, 2019 By: consultant Member since: Jan 21, 2008
    #10
  11. DannySB1

    DannySB1 UKBF Newcomer Free Member

    19 0
    A lot of the serviced offices we have looked at seem to be recently refurbished with lots of natural light. Do you think this is essential? As the property in question only has one elevation with natural light.

    Do you know what the going rate for hot desks / private offices outside of London is?
     
    Posted: Jul 3, 2019 By: DannySB1 Member since: Feb 15, 2015
    #11
  12. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,492 1,046
    There isn't one; it will depend on a number of factors, ranging from geographical location to the standard of decor. (With many variable in between).

    This is where you need to start your research
     
    Posted: Jul 3, 2019 By: Mark T Jones Member since: Nov 4, 2015
    #12
  13. Financial-Modeller

    Financial-Modeller UKBF Regular Full Member

    399 112

    One that I use has lots of natural light and the other is in a basement with none.

    Rates. vary widely.

    For individuals, you want to price on a monthly dd with £x for one day per month, £4x for 5 days, £15x for full-time. You can charge more for dedicated desk than hotdesking, & include or add on printing, telephony, use of address, catering, meeting room hire etc. So pricing is rarely transparent. You may need to discount initially to get bums on seats. Some arrange lectures/presentations/socials etc which may be appealing to your target market or may not.

    If you can share the first part of the postcode, you may get more detailed info.

    Typing this on my phone so apologies.
     
    Posted: Jul 3, 2019 By: Financial-Modeller Member since: Jul 3, 2012
    #13
  14. Financial-Modeller

    Financial-Modeller UKBF Regular Full Member

    399 112
    @DannySB1 was just about to answer a strikingly similar query on PH!
    :)
     
    Posted: Jul 3, 2019 By: Financial-Modeller Member since: Jul 3, 2012
    #14
  15. Financial-Modeller

    Financial-Modeller UKBF Regular Full Member

    399 112
    @DannySB1 I was just about to answer a strikingly similar query on PH!
    :)
     
    Posted: Jul 3, 2019 By: Financial-Modeller Member since: Jul 3, 2012
    #15
  16. Flankaaa

    Flankaaa UKBF Contributor Free Member

    36 2
    I would also suggest serviced office and meeting rooms. There are many companies which are renting space for various purposes, i.e. yearly meetings, celebrations, conferences, etc, in which sense attractive venues should always find customers for at least daily renting
     
    Posted: Jul 12, 2019 By: Flankaaa Member since: Dec 23, 2018
    #16
  17. Paulo1Chop

    Paulo1Chop UKBF Contributor Free Member

    96 9
    Just the one idea from everyone here then!! How about starting up an FBA business? With the right investment of your 10-20K then you could get a great business up and running and see how much of the new office you need and go from there
     
    Posted: Jul 13, 2019 By: Paulo1Chop Member since: Jul 12, 2019
    #17
  18. ecommerce84

    ecommerce84 UKBF Regular Free Member

    559 167
    Definitely turn it into a swingers club.

    I’m not sure about you but I’ve never been into a quiet one :D:p
     
    Posted: Jul 14, 2019 By: ecommerce84 Member since: Feb 24, 2007
    #18
  19. TheoNe

    TheoNe UKBF Regular Full Member

    135 14
    I would support the hot-desking or coworking space idea. Low cost and high benefit!
     
    Posted: Jul 15, 2019 By: TheoNe Member since: Jul 6, 2019
    #19
  20. Karllacey

    Karllacey UKBF Regular Free Member

    159 22
    Just out of interest by 'take on' do you mean purchase or rent ? If you mean purchase then all of the above is valid. If you mean rent then does your contract stipulate you are able to sub-let?
     
    Posted: Aug 2, 2019 By: Karllacey Member since: Jun 24, 2013
    #20