Sign of the times - landlord offers free rent!

[Edo]

Bagenalstown ?dragons? offer free office space

THE OWNERS of a Bagenalstown property have decided to rent out their empty office and retail units completely free of charge to anyone who is willing to take a gamble. Barrow House, down by the Barrow River, is owned by two Dublin-based businessmen, Conor Mohan and Michael Ryan.

During the boom times, the property would have fetched the men anywhere from €40,000 to €50,000 in rent per year, but due to the downturn they have been unable to find any tenants to fill their valuable real estate.

“We bought that building three years ago and divided it into offices and two retail units at ground level,” said Conor Mohan.

“We have been trying to let the building but we just can’t. We have one tenant who is even talking about leaving, and we are left with the loan. We are reaching out to those people who might have lost their job recently or who have a business idea or a plan. We want the place filled and we are open to all suggestions,” he added.

Anyone with an idea for a business can email the two men directly at michael4@unison.ie and they guarantee to reply within 24 hours in what might be described as a Dragon’s Den situation with a twist. The office or retail units are available to everyone for free until their business starts to make money. There are no catches, according to both men, and they will also be available to mentor, advise and help any interested parties who come on board.

Both Conor and Michael have also compiled a list of possible enterprises that could work in Barrow House. These range from a pizzeria to a toy recycling business to an eco-coffin wholesaler. Michael Ryan maintains that cut-price butchers would succeed, given their closeness to the new Aldi store, or that a wedding dress-hire shop or a casino could also thrive if the right person decided to take this opportunity by the scruff of the neck.

“This is a golden opportunity,” said Conor. “The place is rent free and any equipment they need can be leased and the payments on that can be delayed at the start. So the person who takes this on can stay on the dole until the shop or business opens and not have any real bills until they start making money.”

Ideally, the enterprising pair would love one person to take over the entire building and fill it with tenants, be they businesses or voluntary groups. But in the absence of that, individual businesses are more than welcome to apply to the Bagenalstown ‘dragons’.

I went over and took a look at the premises myself last week - its a genuine offer - u would have to pay for utilities and rates - I wont be taking up their offer because the amount of renovation required to the retail units for my idea would take it way out of my budget range - even with free rent for a year.

the guys bought it on a section 23 about 4 years ago - and they simply cant fill it - will we be seeing more of this cos I drive past hundreds of commerical properties every week with the shutters down, the for sale or lease signs up and the grass growing thru the shutter locks -I think they are doing the right thing - either do this or board the place up.

What effect would this type of thing have on the commericial property sector ? -

[TradCat]

See how business people respond to a change in circumstances. Well done and good luck to them.

[Cassandra Syndrome]

Until their business starts to make money? How long is a piece of string? Sounds risky, but still its creative and won them publicity.

[odie1kanobe]

They still paying the loan but its the rates and other stuff that will cripple them.

Its a loss leader to reduce outgoings.

[johnfás]

Until their business starts to make money? How long is a piece of string? Sounds risky, but still its creative and won them publicity.

Well I'm sure they'd agree the terms of what constitutes that contractually and it isn't exactly going to be broadcast on the airwaves.

You're right though - it is creative and got them lots of publicity. I have heard of a guy who got an apprenticeship in a solicitors firm by standing on a garage forecourt handing out a colourful CV saying "You should Hire this Guy" at the top of it. He went there for 2 weeks and handed out several thousand flyers. Money well spent in the end.

[Schuhart]

Bagenalstown ?dragons? offer free office space they will also be available to mentor, advise and help any interested parties who come on board.

Why in particular is their mentoring so valuable, given that all we know about them is they sunk money into a premises that they can't give away.

Both Conor and Michael have also compiled a list of possible enterprises that could work in Barrow House. These range from a pizzeria to a toy recycling business to an eco-coffin wholesaler. Michael Ryan maintains that cut-price butchers would succeed, given their closeness to the new Aldi store, or that a wedding dress-hire shop or a casino could also thrive if the right person decided to take this opportunity by the scruff of the neck.

If they're that confident, why don't they do it themselves?

“This is a golden opportunity,” said Conor. “The place is rent free and any equipment they need can be leased and the payments on that can be delayed at the start. So the person who takes this on can stay on the dole until the shop or business opens and not have any real bills until they start making money.”

Is this true? I'm not particularly saying that unemployed folk shouldn't be incentivised to return to work. But I don't see how a pair of property developers get to redesign our social security system because they can't get a tenant.

Ideally, the enterprising pair would love one person to take over the entire building and fill it with tenants, be they businesses or voluntary groups.

Enterprising?

Until their business starts to make money? How long is a piece of string? Sounds risky, but still its creative and won them publicity.

I've a feeling it shows how our business class are good at bull - and bull is a necessary part of the process. But, yeah, I do actually wonder how they get a crust out of this. They (presumably) must have some other income to keep the loan payments going - I mean, is their bank/NAMA pushing their repayments out forever?

So, yes, lots of questions about this one. I just wish they'd employ their inventiveness in getting media attention to something that would generate export business. There's a real entrepreneurial challenge. How about something that would plant a story in Le Monde about what a brilliant investment Irish apartments would be?

[seabhcan]

It would be great if it wasn't in Carlow.

[Baron von Biffo]

Why in particular is their mentoring so valuable, given that all we know about them is they sunk money into a premises that they can't give away.

Same thought crossed my mind.

[EoinMn]

I've heard of this happening in County Galway too. It wasn't advertised openly though.

[stripey cat]

So the person who takes this on can stay on the dole until the shop or business opens

They can stay on jobseeker's allowance? How would they be "available for and actively seeking work" if they were setting up a business?