Are any of the Live/Work units for sale?
No. All live/work space is for rent.
Why are the rent levels so low?
All the live/work schemes have been part funded by the government so that affordable accommodation can be made available to support business start up and growth.
Do I need an established business/social enterprises to apply?
No, but you will need to demonstrate that you are in the process of staring up a business in a relevant industry and will be expected to register as a business/ sole trader within 6 months of taking up the tenancy.
Applications are assessed for affordability and for applicants we understand that this may mean that they are employed in part time work for a period of the three year tenancy. It is expected however that applicants will spend a minimum of 70% of their time undertaking their business at the unit.
For businesses that have been registered for a few years, applicants should not demonstrate an operating profit exceeding £50,000 annually, nor should the applicant have a personal source of income, either from paid employment or net income from an existing business, or any other source of income, which is in excess of £25,000 per annum.
How long can I live and work there for?
All tenancies will be issued for 3 years. The Live/Work schemes have been funded to encourage business growth by offering affordable accommodation and therefore we need to limit the tenancy length. Guidance will be provided to tenants to help them identify suitable move on accommodation following the three years.
Is the accommodation furnished?
Apartments and workshops are unfurnished. Tenants will be expected to provide their own white goods as well as window coverings. Please note all gas cookers should be fitted by an appropriately qualified engineer.
Can I just rent an apartment or just rent a workshop?
Afraid not. All applicants will need to live and work within the scheme.
Can I make a joint application with another business?
We are happy to accept joint applications but you should be aware that we expect all people entering into joint ventures to both live and work at the Spectacle Works and that application and business plans with accompanying documents will be required for each individual business and will be assess independently to ensure business viability.
Why is Spectacle Works different to other live/work developments?
- Rent levels have been set so that they are affordable for small businesses
- You can share apartments and workshop space with friends and other businesses to cut costs
- The workshops are located separately from the apartments
- The workshops have been fitted with large stainless steel sinks. Please note however that on completion air compressors were not fitted as noted in the brochure.
Will I have to pay business rates for the workshops?
Yes, this is calculated by Birmingham City Council and the information can be found on their website.
Please note that for Apartment 13 there is no access to the roof terrace.