The current difficulties small businesses are having raising finance are well known. One idea that hasn't been discussed so far in the media is one possible solution - the live/work unit.
A live/work unit is a property that combines living space and business space under one roof. The crucial issue for small businesses, though, is that the cost of buying and running live/work units is much lower than the combined cost of buying and running a home and separate business premises.
Business owners currently needing to raise capital may like to consider whether selling their house; disposing of their business premises; and buying a live/work unit is the solution they are looking for.
The main issue is actually sourcing such units as they are few and far between.
Insight Park is a new development of 9 live work units near Southam in Warwickshire. As you can see from the CGI representations on the website, living in a live/work unit doesn't have to feel like living in a business park as these units have the feel of a cluster of barn conversions.
In the current economic climate the opportunity to base home and work in the same location is certainly an attractive one.
Steven Petty, Commercial Property Solicitor
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