Buying a commercial property can be an expensive venture – however, if the location is desirable, the profits can far outweigh your investment in the long term. Enfield Council are currently in the process of selling a very covetable commercial property, and with a location only 14 miles outside the heart of the City of London, MoveHut predicts that there will be no shortage of interested parties.
The Business Innovation Centre can be found on the Innova Park in Enfield, and will go on the market at a price rumoured to fall around the £4 million mark. However, as the commercial property contains 63 office and workshop spaces, this investment could prove to be a shrewd business opportunity when profit made by renting out the commercial property space is considered.
Councillor Del Goddard, the cabinet minister responsible for business and regeneration, explains the reasons for the sale; “The BIC is a valuable resource in helping to promote businesses in Enfield and we are looking for an entrepreneur to continue its good work and boost private sector investment and enterprise in the future.
“We don’t want to sell off our assets, but in times of unprecedented government spending cuts we need to make savings across the board.
“We will reinvest the money we make from this sale in vital council services.”
However, the decision to sell the commercial property has caused disquiet in the businesses currently using the facilities within the building. Many now fear the new buyer will not allow them to remain as tenants, and they could lose valuable time searching for new premises.
One managing director, who chose to remain anonymous, explained that the business centre was financially essential in the continuation of his company. “We might have to fold the company if we are forced to move because we can’t get the bank loan needed for a deposit for new premises.”
In a time where unemployment is a real concern for a large percentage of society, commercial property investors often struggle to balance ethics with financial gain. However, as Enfield Council gained approximately £100,000 annually after costs, perhaps investing in a commercial property with established tenants could prove to be more profitable than purchasing an empty office block.
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