If you're wondering how the non-commercial use of empty property can create value for you as a property holder, and the city, then read our manifesto - Meanwhile, the future of the city. You can also select from the list of solutions below for examples of how we can work together to provide a self funded solution that turns your property into an opportunity..
I’m a Developer/Investor:
"I’m an investor and I own properties which are going through the planning process. I also have properties which i'm holding onto, awaiting a suitable time for redevelopment or change of use. I’m worried about security in the short term, and want to accelerate the process of change and placemaking in the area, bringing in diversity and interest - the things which make for an attractive place for future tenants and residents. I've seen how creatives have changed Shoreditch and the High Line's contribution to New York - these are examples of non-commercial activity and i wondered if the same logic could be applied to empty retail and office spaces. I want my development to be sustainable, but socially and economically sustainable - not just environmentally. I've also seen that commercial uses and customer needs are changing rapidly so i'm not sure what uses best fit the site and want to experiment and innovate. I'm also keen to build links with the community, local businesses and the local authority which are going to help increase the value of my investment in the long run."
- Reduces costs on business rates and insurance (by up to 50%), whilst unlocking a self funding solution to enable 3Space to secure the property through activation. Or make the building available to us for a commitment of 1-2 years and we'll cover all holding costs via income for the space from our BuyGiveWork initiative.
- Not only is our solution more cost effective than other activation and security measures on the market, it also provides free of charge interim space for local organisations to grow and reduces neighbourhood blight. This is favoured by local authorities and communities, who demand more efficient use of properties, and a commitment to supporting and engaging local residents throughout the development process.
- Acts as a catalyst to build creative, entrepreneurial and experimental economic growth from within the local area. The diversity of use 3Space provides drives perception change, along with attracting new tenants and talent to the area - which ultimately creates longer term value for property owners.
Example Partners: FORE Partnership/Cording Group
I’m a Commercial Property Owner:
"I have properties in my portfolio which I’m having trouble letting. This might include a floor of an office building, a retail unit on the high street, or unit in a shopping centre."
- Reduces costs on business rates and insurance (by up to 50%), whilst unlocking funding to enable the space to be opened up for local innovation, entrepreneurship and experimentation. Or make the building available to us for a commitment of 1-2 years and we'll cover all holding costs via income for the space from our BuyGiveWork initiative.
- 3Space pioneered alternative use on the high street, but it is now becoming well established that, for landlords with bricks and mortar stores to compete with digital they need to include alternatives to traditional retail.
- Provides a vacant possession guarantee, which means property owners have peace of mind to continue to search for a commercial tenant. 3Space will exit the property at short notice when required.
- Demonstrates that active use of a space and well maintained properties are much more likely to be re-let, than a closed-off empty property.
I’m a Corporate Business with properties that I lease:
"As part of our corporate strategy we want to become more entrepreneurial, to co-create, and to align the assets we control with our purpose. We also want the opportunity to provide support, and to be better connected, to the local communities where our customers live and work."
- Enables corporations to take what have previously been thought of as liabilities (empty properties under their control) and covert these into assets for the business themselves and wider stakeholders.
- Provides a cost neutral solution to use existing property assets in a way to build a competitive advantage for the business. By opening up this resource to the wider community it is in effect creating a platform from which corporates can not only better understand customer growth and development needs, but there is also the possibly to align future products. There are opportunities for co-branding and to create content for marketing campaigns. Also the opportunity for volunteering and events within the space.
- Maintains and secures properties, which reduces ongoing costs from maintenance liabilities under the lease. Furthermore, efficiencies are improved across large portfolios and in the longer term dilapidation costs are reduced.
Example Partners: Barclays
I’m from Government:
"I’m a Government estate manager and I manage empty properties leased or owned by the government. We’d love to find a way to safety make these available for use by locally based organisations. In a way, what we want to do is undertake a kind of temporary Community Asset Transfer, but without losing control for the asset, and the potential to use it again or to exit the lease. Like most government departments we’re low on funds so we need a solution that is both safe and inexpensive."
- Unlocks and reallocates financial liabilities to facilitate an immediate positive return for the local community. 3Space’s innovative model enables rate relief to be used to unlock funding. This provides safe management, security for the space, and free of charge use by local organisations under Meanwhile Use conditions.
- Operates independently from government, meaning that 3Space acts as a buffer between the users and government, limiting any negative impact when the property is required back by government.
- Provides controlled management for multiple users including vetting, H&S and risk management services.
Example Partners: Cabinet Office, DVLA, LCR and DfE as part of the Space for Growth initiative
I’m a Local Authority with a struggling town centre:
"We have lots of empty property in our town centres. I’ve tried things such as Town Teams, BIDs, and hiring architects. But they are not the vehicle we need to overcome the biggest problem on the high street: this is engaging with landlords and leaseholders and exploring the establishment of a regeneration vehicle for empty properties."
- Works with local authority to provide incentives for property owners with empty property, and to explore the establishment of 3Space Local - a regeneration vehicle where property holders are incentivised to contribute their empty properties as part of a wider strategy for town centre growth.
- Brings over 4 years experience working and negotiating with a range of property partners. 3Space know how to negotiate and provide solutions which are a win-win-win for landlord-community-local government.
- Unlocks sustainable funding, whilst also providing the opportunity to trial new ideas. At the same time this creates the foundations for a local led revival and regeneration of the centre.
Current partners: In talks with several local authorities.
For more information on 3Space's range of solutions for Landlords please email firstname.lastname@example.org