W1 Commercial rents..what downturn????

chucky

fc123 wrote: »

My problem is I may have picked one of the areas of London that is owned by 'Old Money'? Soho is even more pricey @ £40 odd sq ft.

It's just an idea at the mo and I have 4 months to plan. I can't see it happening at those prices though..and I am being very cautious + MSE about it all too.:o

just wait for the right place to come along and at the right place - actually maybe that might not be the right advice as you may be waiting too long and miss your business opportunity in that 4 months.

i was in Noho the other day and that looks to have never been touched as far as commercial property goes, it seems to be the same restaurants and shops - i haven't seen that many places changing over.

vivatifosi

fc123 wrote: »

Does it sound cheap?...it's Noho 10 mins from Oxford Circus. Ground and a bit of upper.

The £4 one is a shed down on the river...near to london home too and a very secure shed too.....it's covered in solid metal shutters, all over it. Like a little 1200 sq ft fortress. I would probably have to shutter myself inside by day too.:o

Probably about right for Noho. I like Noho and can see why it would be the right area for you. The rent may be explained by the fact part is on the ground floor. If you look at the type of companies in Noho a lot of them have commercial showrooms, so they get a "shopfront" at a lower price than retail rents. If you're checking against similar prices, make sure you're looking ground floor vs ground floor.

In terms of the lock up, you'd almost certainly need change of use if its a shuttered lock up. Thought it sounded too good to be true:(.

fc123

chucky wrote: »

just wait for the right place to come along and at the right place - actually maybe that might not be the right advice as you may be waiting too long and miss your business opportunity in that 4 months.

it was in Noho the other day and that looks to have never been touched as far as commercial property goes - i haven't seen that many places changing over.

Quite a lot of shops that were showrooms/wholesalers have gone (and are vacant) and I know the rents have been reduced but they are too much for what we want.
I don't stress out too much about opps disapearing anymore as others seem to turn up or the idea evolves to suit diff circumstances.

I was sad to see Franks go (a specialist fashion magazine shop) that had been there all my life....I think it's become a Reiss or a restaurant..I can't remember. A Yo Sushi is opening in a former showroom and got PP to A3.

fc123

vivatifosi wrote: »

Probably about right for Noho. I like Noho and can see why it would be the right area for you. The rent may be explained by the fact part is on the ground floor. If you look at the type of companies in Noho a lot of them have commercial showrooms, so they get a "shopfront" at a lower price than retail rents. If you're checking against similar prices, make sure you're looking ground floor vs ground floor.

In terms of the lock up, you'd almost certainly need change of use if its a shuttered lock up. Thought it sounded too good to be true:(.

I noticed upper floor rents are a bit less. I like looking at space..it's like looking at houses...I am going to be positive on Friday and really polite to the nice lady from the managing agents.

lostinrates

Noho is fitzrovia, right?

vivatifosi

fc123 wrote: »

I was sad to see Franks go (a specialist fashion magazine shop) that had been there all my life....I think it's become a Reiss or a restaurant..I can't remember. A Yo Sushi is opening in a former showroom and got PP to A3.

It wouldn't surprise me to see the local council (Westminster I think) being more flexible on COU. A lot of those little showroom spaces would make ok retail, particularly if they are close to viable other retail/A3 use - ie the streets closest to Oxford Street and maybe round Charlotte St, that kind of area. Its a funny old area Noho, I worked there for 10 years and it never ceased to amaze me that other areas upped and passed it that were less geographically core.

fc123

lostinrates wrote: »

Noho is fitzrovia, right?

I think Fitrovia spreads a litle further north and east. Noho is behind the 'wrong' side of Oxford St.
It's so quiet too just 5 mins from Oxford Circus.

chucky

lostinrates wrote: »

Noho is fitzrovia, right?

it's around the Charlotte Street area not as far across

lostinrates

vivatifosi wrote: »

It wouldn't surprise me to see the local council (Westminster I think) being more flexible on COU. A lot of those little showroom spaces would make ok retail, particularly if they are close to viable other retail/A3 use - ie the streets closest to Oxford Street and maybe round Charlotte St, that kind of area. Its a funny old area Noho, I worked there for 10 years and it never ceased to amaze me that other areas upped and passed it that were less geographically core.

I always found it ...stagnant. I don't think I'd been much N. of oxford street much at before living in Hampstead...:rotfl::o. (liberties rather than selfridges girl;))

is it great for retail?


Whats replaced charing cross rd....which also felt...on respirator to me...whats in the chain book store with the starbucks (forgotten name, we even had a thread here about it) now?....

I miss London

vivatifosi

lostinrates wrote: »

Noho is fitzrovia, right?

Kind of. Fitzrovia is what it was called when I first started in property, but to me Fitzrovia is more the area around Fitzroy Square, whereas Noho is the area immediately north of Oxford Street, that some commercial property agent marketing wag came up with once Soho had been gentrified. Obviously there is significant overlap. When I first started working around Soho (for a "proper" film company), there were still brothels behind chicken wire, the same places are now trendy wine bars. Noho was less geographically distinct and when Soho went on the up, suddenly North of Oxford St became Noho. Property people will always come up with new names if they can get an extra tenner a square foot out of the proposition.