How a live-work unit could kick-start your industrial business
Convenience and cost-effectiveness are the two prime benefits that come to mind when considering a live-work unit for an industrial business – but there are many others worth factoring in to the mix, too.
In times gone by, it was commonplace for businesses to be located downstairs with living accommodation above and new developments springing up around the country are drawing on tried-and-true formulas with some 21st century tweaks to make them relevant to today’s working lifestyles.
Here’s some thumbs-up points to consider when home and business intersect with a live-work unit: • Save on fuel and optimise your time • Work the hours that suit you, when it suits you (while obeying any noise controls that apply) • Your accommodation costs are likely to be far more reasonable than they would be in the conventional residential market • Having smaller footprint residential accommodation can be liberating if it fits with your life plans • If you have children, you are always around to fit in with childcare • Minimal grounds to maintain • Can lock up and leave safely • If you’re starting out with an industrial business, it’s cost-effective and ideally suited to smaller operators • Perfect if you don’t need high profile to the street • You’re likely to be surrounded by like-minded businesses so you won’t feel isolated • Think of the networking and business opportunities that could come from interacting with other business tenants in the complex • If your living situation changes, you may be able to sub-lease the accommodation component (will depend on the lease structure) • Having a Body Corporate structure in place means that all business and residential tenants are well aware of the obligations and behaviours expected within the development and, if intervention is required, there is due process in place • New or recently-built live-work units tend to have good soundproofing and other measures in place to ensure a good standard of accommodation and a sound working environment.
Things to bear in mind: • Depending on the other businesses around you, it could be noisy during the day • There will be restrictions around the type of business you can operate within a live-work complex • You will need to adhere to the rules associated with the Body Corporate or other management structure in place – these could be related to hours of operation, noise, rubbish disposal, number of vehicles, permitted signage and whether pets are allowed
Leasing a live-work unit could be the perfect scenario for those who may have had a family realignment, are semi-retired or starting out with a new business.
Your real estate agent will be able to talk you through the live-work unit lease which may be a full commercial lease (plus GST and outgoings) or a combined commercial/residential lease
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