Looking for premises near Covent Garden for a dance school with accommodation

by Readers Question

7:51 AM, 12th March 2015
About 4 years ago

Looking for premises near Covent Garden for a dance school with accommodation

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Looking for premises near Covent Garden for a dance school with accommodation

I’m helping out a friend who is new to the property world and wants at the moment to stay anonymous. She’s looking for a leasehold of an entire building as a long term investment. The purpose is to run dance teaching classes with social dancing events and dinner shows also. Looking for premises near Covent Garden for a dance school with accommodation

Location: Ideally Covent Garden/Holborn/West End to capture tourist market for dinner show and for transport links, recognising potential planning restrictions if change of use is involved (previous use as a restaurant could work). Area south of Holborn/east of Kingsway (LB Camden) could have possibilities.

Main requirements are:

  • main room to be minimum 250 square metres (can be basement level, no direct street view required, can also be back of building)
  • additional room of 40 square metres
  • small office
  • kitchen
  • toilets to serve the possible maximum occupancy for events

Residential accommodation on upper floors (self-contained flat(s)) would also be of interest.

Questions:

  1. What would be a usual length of lease for this kind of property?
  2. What would be a desirable number of years still remaining on the lease at the point of resale in the future for the property to remain marketable at a good price?
  3. What would be a likely purchase price currently for such a property?
  4. What is the best strategy for finding suitable properties?

Any other comments or pointers welcome!

Many thanks

Sue Whittle



Comments

Mark Alexander

7:53 AM, 12th March 2015
About 4 years ago

Hi Sue

Your friend needs to employ the services of a good commercial agent. I suggest you approach the most established in the area.
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