How can universities and student unions create new revenue streams?
The pandemic has brought financial challenges to many universities, but while much is being done to support these establishments, there are other potential revenue-boosting avenues to be explored. Universities generally have an array of versatile rooms, but the underutilisation of these available spaces should be considered as a loss of revenue.
Over the last 18 months, campuses have predominantly laid empty, but the buildings still incur operating costs and require maintenance work to keep them in top condition. If marketed effectively, these underused spaces could become a valuable asset, from hosting external conferences in lecture halls to opening up sports facilities for local teams. It is just essential that the spaces are appealing, and the design and layout are versatile.
Another revenue stream is the acquisition of local commercial premises to boost a university’s portfolio. Over the years, CIC has worked with several universities to renovate properties as a means of attracting a wider customer base.
Working in partnership with Lincoln University CIC turned a disused restaurant based on a barge into an opulent cocktail bar, suitable for both students and the wider community. Working with Royal Holloway University, CIC turned a local pub into ‘The Packhorse’ to appeal to both students and local residents alike.
If you are an educational establishment looking to create new revenue from your existing spaces please get in touch. We have a wealth of experience in refitting and refurbishment hospitality space in Universities and Student Unions.
