“Yes it’s possible to be affordable for early stage companies, and still deliver a better than age ROI on the asset!!!”
I want a business partner not a landlord in the normal sense. In return I’ll deliver what you’d have achieved in rent.
It just needs to be a mixed use asset. I always find visuals are the best way to give an overview of what I’d like to bring to life…
From 2012 I’ve run coworking spaces, commercial Kitchens, makerspaces with laser cutters & 3d printers etc, and I’ve also run coffee shops, pubs and event spaces. As the solo founder of Ministry of Startups, more detail on past stuff here.
During my time in London I’ve worked with British Land, The Secretary of State, Soho Estates, Max Barney Estate, Starprop, LandSec, Old Park Lane Mgt, The Crown Estate, Derwent London, Hammerson, Ballymore, Brookfield etc.
I’m not 100% on what route I’m going to go down… so here is my open ramblings (I’ll put this in a more succinct video once I’ve got my thoughts down and in some order).
I’ve recently done a stint at University of the Arts London, it’s been interesting and reflective experience, as it was my first time on the inside of a large organisations / institution. It’s been useful to witness the many systems and processes that come with the territory. Designed for good reason at some point I’m sure, but for someone who has run their own company for a decade I not going to lie it was a struggle, I am happy to dipping my toe back into the entrepreneurial world.
So I’ve learnt a bit, and I want to go on a journey with a landlord as a partner… or maybe even find a pension fund or REIT needing a sustainable return with a social purpose, who are looking for a commercial partner to take on an asset and be an owner / occupier partner.
Together I think it’s still possible to deliver good returns even in a market that is likely to be challenging for commercial real estate world for the next 5 years. Whilst equally being genuinely affordable, it’s just about making the asset work (saying that to the real estate world is probably not going to go down well, but I believe it).
Those whose work I’ve admired:
Techhub, the early years, when they were in Transworld house (now demolished near Old Street roundabout). Elizabeth Varley, Mike, James etc created something pretty special.
BetaHaus – 2009 – 2017… yet again I feel the earlier years of these organisations are the most raw and interesting,
St Oberholz – So this was also better the first time I went to Berlin, but still I think one of my favourite European examples.
What I really loved about St OberHolz and BetaHaus was the combination of multiple aspects, I’ve seen it done elsewhere but never quite as well done. I got close to it in the Ministry of Startups building on Elder Street, but because we were always on a rolling 6 month break clause I was never in a position to invest in the space, as the risk was always too high.
WeWork, Workspace group, TOG, Uncommon etc they’re all very repetitive, yes “well designed”, and for a particular type of organisation that’s grown, or has raised funding, they serve a purpose. Although I used to whinge about their price point I actually think Rohan Silva’s Secondhome spaces are at least a little more interesting and original, providing an alternative.
It’s important that there’s an affordable and accessible partner at the bottom for people to start out (…and sadly those run by, or in partnership, with the public sector are a little sanitised!! its just no one is confident enough to admit it or say it, as the property world needs the blessing of the public sector for planning permissions etc so it’s a bit taboo).
I suppose what I am trying to say is I don’t want to do is a sanitised space… and I have the financial model to prove it can work and be affordable for everyone starting out.
