Sponsored
OUR ground floor office at Furzton Lake was vacated by our last tenants in June last year. We appointed a commercial agent who only managed a few enquiries and one viewing over a two-month period. We then changed agents and the new agent only managed one viewing over three months. So we cancelled their service too.
I decided to convert the office from three to five rooms and let the whole ground floor out as serviced offices. I received seven enquiries within two days followed by four viewings over the next two weeks which was more than the two commercial agents managed over five months.
I quickly gained one tenant and another prospect tenant has paid a reservation fee for two of the offices. That leaves me with two more offices to let out which I am confident will happen by the end of June.
I then decided to offer co-working (renting a desk in a shared office) and a virtual office address service.
Suddenly I’ve created an entirely new serviced office business out of nothing!
Interestingly I visited all of the offices in our business estate and I discovered that most of them were either empty or half empty. It strikes me that there is much less demand for larger offices these days and not much appetite for five-year fully repairing, upward-only rent review leases. Since the pandemic, many more people work from home.
However, there is still demand for smaller offices and/or business addresses on flexible, lower-cost terms.
If you are interested in a serviced office to rent, co-working, a virtual office or advice on how to turn your business into serviced offices, why not take advantage of a one-hour Discovery Meeting either at our offices or via a video conference call at our expense worth £270 to each of the first three readers who contact us before 30 June 2024? You know it makes sense. We offer a great cup of coffee too!
Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk and quote JUNE 2024OFFER to book your free discovery meeting.
RISK WARNING The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction. All information is based on our current understanding of taxation, legislation, regulations and case law in the current tax year. Any levels and bases of relief from taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. This article is based on my own observations and opinions.
