Simon Squibb spent $32,000 on winning a stairwell auction in London.

Simon Squibb spent $32,000 on winning a stairwell auction in London.

London entrepreneur buys stairwell for $32,000 to help budding entrepreneurs

Stairwell image

Simon Squibb, a London entrepreneur and YouTuber, recently made headlines with his purchase of a disused stairwell in Twickenham, west London, for £25,000 (approximately $32,000) at an auction. Despite its unconventional nature, Squibb has big plans for this unique property – he aims to convert it into office space to support aspiring entrepreneurs and their fledgling businesses.

The derelict stairwell, which is no longer in use and is attached to an office building, attracted Squibb’s attention when he heard about it on a radio show just two days before the auction. Intrigued by the opportunity, he saw the potential to create an inspiring work environment that mirrors the journey of entrepreneurship, step by step.

Described as an austere concrete stairwell surrounded by glass, the interior of the space was filled with fire extinguishers, cardboard boxes, and even a grubby mattress, as shown in a listing video shared on YouTube. Despite its neglected appearance, Squibb recognized the potential for transformation and seized the chance to acquire the property.

Squibb is the founder of HelpBnk, an organization that provides free advice to individuals looking to start their own businesses. He saw the stairwell as a metaphor for the entrepreneurial journey, preferring the idea of progress through incremental steps over the traditional concept of an “elevator pitch.” Squibb believes that helping budding entrepreneurs take their first steps towards success aligns perfectly with the ethos of his venture.

With seven landings within the stairwell, Squibb intends to convert each one into office space. After the deal is finalized, he will gain access to the space in three weeks and commence the renovation process with the help of contractors. In doing so, Squibb hopes to create an environment where aspiring entrepreneurs can collaborate, receive guidance, and bring their projects to life.

While Squibb’s purchase attracted media attention as another example of the soaring London property market, he remains focused on his ambition to empower others rather than profiting solely for himself. Having experienced homelessness as a teenager, Squibb understands the challenges that individuals face due to the sky-high rents and mortgage payments in the city.

Property developers suggested that he convert the stairwell into an apartment, which could potentially earn him ten times the amount he paid. However, Squibb firmly rejected this idea, believing that property should not be treated as a purely speculative investment. He perceives true businesses as solutions that contribute to making the world a better place, and he aims to do just that by providing a supportive space for aspiring entrepreneurs.

While buying a stairwell may seem peculiar, it is by no means the strangest property available on the London market. In South Kensington, for approximately $63,000, one can own a “121 sq ft property” – a third-floor terrace that boasts being only a 20-minute walk from Harrods. The property, despite its small size, has garnered significant interest, with potential buyers even inquiring about living in a tent on the terrace.

Simon Squibb’s purchase of the stairwell highlights the innovative spirit of London’s entrepreneurial scene. By transforming neglected spaces into vibrant and collaborative workplaces, Squibb aims to provide opportunities for those who may otherwise struggle to bring their visions to fruition. In a city where sky-high property prices can hinder aspirations, Squibb’s venture serves as a beacon of hope and inspiration for aspiring entrepreneurs in London and beyond.