With a looming post-virus recession likely to make traditional fundraising channels even less effective, an increasing number of charities are looking to diversify their incomes by exploring new ways to get the most out of their capital assets. Buildings and equipment that are surplus to requirements provide untapped potential to generate income without further expense. For example, the Dogs Trust have generated a new revenue stream by opening up the use of their exceptional training facilities to the public through dog agility, training and behavioural classes.
At Vickery Holman we are beginning to see examples of charity and educational facilities looking to diversify their income streams by letting out surplus space. This involved repurposing underutilised space and buildings at a specialist School for adults and children with disabilities. An arrangement is currently underway to let a building to a neighbouring nursery and further plans to lease space within the facility to a therapist. If fulfilled, these plans would raise income while also increasing the number of services provided at the facility with the therapist able to partially support inhouse requirements for therapy alongside their independent business.
Vickery Holman have also worked with another educational facility that involved a redundant 6th form building of 10,000 sq. ft being repurposed and let to a school for children with learning disabilities and complex needs. We notice a trend that the type of tenants in occupation are able to positively develop the facilities and services offered at these establishments while generating income and utilising surplus space.
Vickery Holman are able to assist with a number of elements including Agency and marketing advice to dispose/ let any surplus space.
Also with a team of 21 RICS Registered Valuers across the region we are able to provide Charities Act Valuations for disposals/ lettings.
Please contact Samantha Johnson, Head of Valuation for more information. You can see our Valuation services HERE.
