That looks more like a Queen Wasp nest, if she has found that as an ideal location expect to find a much larger colony nearby. Although it's rather late in the year for you to just discover them, I see them in early spring.
There was one In Here within a week of me finishing it, along with one in my extractor hut.
I have no idea how long it has been there. I have never seen a wasp in the workshop but I was just wandering around looking up at the roof thinking I must get some insulation in there before winter when I spotted it.
I think that's an early nest - we've had one like that in the loft. I believe it's what a queen wasp does to get started and hatch the first workers. If the queen doesn't survive then you end up with what you've got. I'd just remove it as wasps do't reuse nests.
Found one exactly the same a couple of days ago when re-roofing our summerhouse, it was tucked away inside a box section in the eaves, fascinating to look at and see the precision of the hexagonal cells inside.
I don't like wasps - my 7yr old Granddaughter got stung under her arm with one yesterday!
Last year we had a nest in our Utility Room roof which was impossible to get to. I finished up injecting expanding foam under the facia boards to prevent their access. I couldn't leave them be as their entry was over our patio where we like to sit outside?
As a beekeeper, I had a call late on Sunday evening from a lady who had "a hive of honeybees in my stable." When I asked if she was sure that they were honeybees she replied "Yes, they are building honeycomb and it's doubled in size over the past week".
On Monday evening I gathered all the necessary bits in the expectation of collecting a nice, and valuable, swarm only to find a wasp's nest about the size of a child's fist.