Searching for a new location from which to operate your business can be a tedious task. Ensure the process is not complicated further by limiting the types of available building you consider. Be prepared to think outside the square and you might be pleasantly surprised by what opportunities you discover.
Escaping the Trap
Some people fall into the trap of believing only a certain type of building would suit their needs. Instead of thinking in terms of tenancy types (such as office, retail, industrial etc), develop a set of parameters that define the qualities required in a tenancy.
For example, if the initial thought for a new office tenancy is – ‘it needs to be in an office building’ – then you are immediately limiting your search. This could mean the difference between investing in a good space that does the job, compared to a great space that is highly suited to the business.
By pinpointing a few important characteristics, you can develop a tenancy description that is much less limiting.
Consider characteristics such as:
- size
- location
- amenities (incorporated or in close proximity)
- proximity to public transport
- future expansion potential
- future development potential
- visual presence
- onsite/offsite parking
Change of Use
By searching within the parameters, you have created you will come across tenancies that may be what you are looking for, but the existing use may be quite different to your intended use. Don’t let this deter you, consider changing its use.
While there may be added fit out costs and extra council approvals required, if you are serious about finding the best tenancy for your business, the extra cost may be well worth the investment in the long term.
An Example
When needing to find a new home for our businesses, Blackburne Jackson we actively looked for something that would suit our needs and accommodate a growing business. We were frustrated to find that no readily available, existing office spaces were suitable in location and size. However, an existing restaurant became available that suited our requirements for location, visual presence, car parking and proximity to parklands and the beach. Better yet, it could be extended within its original footprint to suit our spatial requirements. Once renovated, this tenancy catered for all our prerequisites and successfully demonstrates that it is worth thinking outside the box and broadening your scope when searching for a tenancy.
So, if you are searching for a new home for your business, broaden your outlook as the perfect property may be right in front of you.