We started a new consulting job in Plymouth in September, our client is a well established office developer/landlord very keen to incorporate Coworking into a new building at planning stage. This client also owns The Lord High Admiral pub in Plymouth and it made us think - every office building Landlord should have a pub in their portfolio!
Third Space Group originally had this statement on the reverse of our business card and although we replaced it with our motto we still believe this to be true: "Beyond the realms of home and the office lie "third” spaces to put in some work. Some may joke that their favourite third space is the pub on the way back home but a few successful businesses started on the back of a beer mat and coffee shops aren’t bad either, the London stock exchange started in one!"
Office Landlords and Developers should have an estate management strategy and a pub within the portfolio provides an ideal "third" space for tenants to work from and close deals in. The lawyers and accountants can do all the confidential deal closing formalities from their office during the day! Our client in Plymouth made a conscious effort to buy The Lord High Admiral to consolidate their portfolio as part of an estate management strategy and after securing an energetic young couple to operate the pub they're very likely to benefit from more long term satisfied office tenants who are bound to use the pub as their favourite "third" space.
Manchester based property regeneration and investment company Watch This Space bought The Duke William pub in Staveley recently and converted it into a Coworking space re-branded as "Billy's Space". The 6,000 sq ft development includes cycle storage, electric car charging, showers and each space can be rented or bought with a launch event on 4 November.
An alternative to owning a pub is to adopt a pub and help programme it as a venue of choice. A good example is The Great Gatsby pub in Sheffield which was in the past temporarily re-branded "The Entrepreneurs Pub" with new pub sign all part of the annual MADE Festival in Sheffield.