Crash pads - Simon Barnes

Crash pads

Search agent Simon Barnes looks at the growing demand for city centre ‘crash pads’ and how these present a good lifestyle and investment opportunity.

A combination of factors over the past few years has given rise to a new lifestyle demand, and subsequently, a new ‘type’ of property, offering an interesting prospect for investors and commuters alike – the city centre ‘crash pad’.

With more people commuting into cities from further afield, people working longer or more flexible hours, unreliable travel options, and, as we have seen recently, extreme weather conditions that shut down the entire transport system, the demand for convenient accommodation that can be used for a short period of time, at short notice, has emerged. A regular traveler to say, London, who is in town a few days a week or several days a month, does not a) want to be travelling with much luggage and staying in expensive hotels or b) want to be paying the high rental cost of a serviced office.

This new concept in accommodation has evolved as a result of demand from these seasoned travelers and commuters who want an alternative to a hotel room and serviced office, but do not want to be paying for a large pied-à-terre apartment. Small, relatively cheap, and most importantly, centrally located, they serve as a place where owners can stay for a night or two whilst in the city, or as somewhere to work from during the day whilst in town between flights.

A crash pad offers a common sense alternative to a hotel suite or rented apartment, a good base from which to work, and a sound investment. There is an increasingly ready market for such properties and, if well located, there is a good rental market to tap into.

The ideal ‘Crash Pad’
Whether you are buying for yourself or looking for an investment opportunity, there are certain ingredients to look out for when searching for the perfect ‘crash pad’. It should be a small, compact and practical property - the kind that would be difficult for agents to sell or rent as pieds- à-terre or city pads - so usually either a studio or one bedroom apartment.

A central location is an absolute must, to ensure easy access. Investors remember – this kind of property in an out of town or suburban area is just a small flat, and may be difficult to rent out or sell on. A good location and easy access to the city’s business centre is paramount.

Many of the usual facilities that buyers look for are simply not relevant or desirable to ‘crash pad’ occupants. Because of the nature of the user, these properties do not need plenty of storage, just room enough to store a suitcase and a few changes of clothes. Extensive or high tech kitchen facilities are not necessary as users are more likely to eat out or order in, and there is little need for good views or outside space as the property will usually only be seen at night.

The idea is to find an equivalent to a large hotel room or suite. Purpose built blocks with good porterage facilities are a good idea, as often the porter will arrange collection/delivery of dry cleaning and laundry and will (if asked nicely!) see there are the essentials in the fridge. Despite sometimes high service charges, this kind of property is a very tradable asset, and you can find one for as little as £200,000 to £300,000 in some areas of Central London.

No longer a poor relation to the pied-à-terre, ‘crash pads’ are proving themselves to be very good investments. There is constant demand as more people are working from home for several days a week, or are commuting from further afield. The market will remain strong, and should you find yourself in a position when the flat may no longer be of use for a long period, there is a very healthy rental demand.

Simon Barnes

Simon Barnes Property Consultants offers a bespoke buying (and selling) service to a small number of private clients, advising on all aspects of property transactions. Simon operates primarily within the top end London market, but also works with clients who are buying and selling overseas. www.simonbarnes.com