Getting Your Foot On London’s Business Property LadderBy Angelica Malin
London remains the best place in the country, if not the world, in which to start a business. Even with the UK’s larger cities finding their niche, the fact remains that London is the number 1 place for entrepreneurs, with this finding backed up by Stirling Ackroyd and the European Digital City Index. However, with the property market remaining red hot, finding the best location to base your business can become a tricky task. Abiding by a few key principles will enable you to find the best deal.
A sound investment
Your premises should, first and foremost, be based in a structurally sound area that will be straightforward to maintain and come with as few problems as is possible. This sounds like a basic point, but you’ll find issues remain around the city. Most notably, the city is experiencing drainage issues; the sewers of the city are built for 2.5m citizens, not the 8m that live in the city today. Entrepreneurs should look to set up in properties with a clean bill of health, but also look to maintain the property. Maintenance industry suppliers such as EasyMerchant have outlined the importance of keeping on top of routine maintenance on your own terms, either through DIY or calling in professionals.
Finding the right area
Walthamstow is one example of an area experiencing considerable business growth, and there are numerous success stories of that ilk around the city. Other areas, like Tower Hamlets, may seem appealing at first due to the culture of the area and proximity to The City. However, with crime rates sometimes rising in those areas, they can be a detriment to the success of your business. Make sure that your chosen area has a local culture conducive to growing your business.
Expanding the business
London property is at a huge premium; London Assembly figures have placed a single hectare of residential land at a minimum of £7.3m. As a result, expanding your business can be a prohibitively expensive venture. Before looking to grow outwards, think about what you can do with your current space. Fresh maintenance, repairs and remodelling could be far cheaper than what you have in mind and will provide you with a new working environment, and perhaps new capacity.
A London business is by definition expensive to run. However, that comes with profit, and London businesses are also likely to make a lot more money than elsewhere in the country. Premises are a big part of this, and in the big city, success is a matter of focusing on the fine details.
