Quote:
Originally Posted by coalminecanary
Yup - the business case is clear in the short run - but an oversaturation of studios and nowhere for the artists to live is a bad long term recipe...
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We thought that too, that there was perhaps a potential for too many studios in that area causing a lack of demand. Especially when you consider the costs of paying for studio space and living space. Our thought process was to have small living spaces (kitchen, bathroom, bedroom) attached to a larger studio/sitting room.
However, the thing that stopped us persuing the building was that it's not the entire building anymore, the last unit on the north end of James (with yellow signage) is actually a separate entity, so that reduced the internal space and also the ability to create a consistent aesthetic on the exterior of the building. With the reduced internal space, we couldn't see how it would be possible to create enough apartments of legally conforming sizes which would generate enough income to cover the renovation costs, so the studio idea with shared facilities does make the most logical sense. Also what we considered too great an issue with the separated section was that it reduced control over the entire building and that rear access was through the rear space of the separated section. The article does meantion 4 retail units, as the building was marketed with 4: 3 on James, 1 on Mulberry. They could have brokered a deal to buy back the separate section, however we were told that that would be at least an additional $200k on top of the marketed price of $579k or $599k (I forget which) that the building was up for.
As for a coffee shop... James North seriously lacks a decent young trendy arty something geared coffee shop, so we actually thought that was a decent business to put there. Your young trendy arty something is not that likely to spend their days in the other places on that street that serve coffee, mainly because they cater to middle aged italian or middle aged portuguese men and lack that young trendy arty something look that would attract them into the place.
Though, also of note, when we were looking at the building, the Martini bar across the way was still a bar and it now is going to be a cafe/coffee shop/gallery which probably will compete for business. That could have an impact upon the viability of this business.