What to Consider When Buying Commercial Property

11 Mar 2019

Has your business grown to the point where you’re in a healthy position to buy commercial property? Alternatively, are you already in a property but ready to expand your company with a move to a bigger and better site? Whether you’re looking for a new office, retail site, industrial space or leisure facility to house your business, it’s important that you consider each of these points before you put pen to paper on an investment:

 

Finding the best location for your business

You will want to take quite a bit of time researching the location of any commercial property that has piqued your interest in order to ensure it perfectly suits your business. Instead of rushing in, think about the following and whether they will be important to you:

  1. Will the transport links around the property be appealing to your employees and your clients?
  2. Do many of your staff members commute using their own vehicle? If so, does the property have use of its own car park or is it near a park and ride route?
  3. Keeping on the topic of employees using their own vehicle, is the property based in an area that carries a congestion charge?
  4. Are you in a business that handles a lot of deliveries? If so, does the property have facilities for delivery services or any restrictions to this process?
  5. Are there adequate local amenities surrounding the property which your staff will be able to make use of?
  6. Is the property close to sites where you could access a pool of potential employees, such as universities and colleges?

 

Aim for flexibility

Don’t just think about the present when in the market for commercial property. Look at each site which catches your eye and consider how it will fit your business both now and in the future.

Flexibility is key. You will be keen to continue growing your business as much as possible, so you should be seeking out commercial property which is able to expand as your company gets bigger. This means you can remain in one spot no matter how much of a success story you create. See if you have the potential to strike a deal to make use of other vacant floors in the building or empty neighbouring sites in the years to come. Alternatively, see if you can get the green light to potentially build extensions onto a property.

Also bear in mind that you may require planning permission if you have plans to redevelop a building or alter its intended use. It’s best to check this is possible before going ahead with a purchase so that you don’t see your intentions undone once you’ve moved in.

 

Make sure you get a full professional survey

Once you’ve found the perfect commercial property for your business, it’s vital that you arrange for a survey of the building to be carried out. This procedure will give you the reassurance that a site is indeed structurally sound, as well as highlight any major flaws which have not been accounted for.

As buying commercial property is a significant investment, we also advise that you opt for a full professional survey as opposed to the more basic survey that mortgage lenders often require. While this service may be slightly more expensive, it will save you money in the long run compared to the basic survey. This is because relying on just a basic survey runs the risk of something being missed and costing you a lot more to fix in the future. As buying a commercial property is a long-term investment, you should be doing everything possible to protect yourself for months and years to come.

 

Sources

https://www.zoopla.co.uk/discover/commercial/buying-guide/#oKT7HOEW23o2wlRr.97

https://www.onthemarket.com/content/a-guide-to-buying-commercial-property/

https://www.progressiveproperty.co.uk/blog/10-tips-for-buying-your-first-commercial-property/

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