How to identify the correct property for your business 20 May 2020
Whether you are looking to rent or purchase a commercial property such as retail, office or industrial/warehouse space it is important to consider how the related property will benefit and evolve your business before taking the plunge!
Whilst working at Perry Holt & Co for the past 12 years, I have dealt with all aspects of commercial property… thus here is a guide on how to identify the correct property for your business.
Below are a list of things to consider when choosing a commercial property:-
- Transport links i.e. trains, buses, roads etc.
- Parking allocation and restrictions
- Delivery access and restrictions
- Proximity to clients, customers and staff
- Local amenities
- First impressions the property gives to clients, customers and staff
- Staff facilities
- Does the internal space and layout give your business enough flexibility for long term occupation.
Location is a key factor, for example for retail accommodation you will want to ensure the location has a high footfall. Warehouses and offices will require good transport links. Always check which competitors are in close proximity.
It is important to double check the use class of the property to allow you to use it for your required purposes, otherwise you may need to make your offer to the Landlord or Vendor subject to change of use. If agreed you would make an application to the local authority (at a cost tbc) for a change of use which can be processed in tandem with the legals.
Always confirm any additional costs related to the property such as utilities, service charge, building insurance and business rates.
Is the property VAT elected? If it is you will pay VAT on the rent or purchase price.
Whilst viewing the premises take note of the internal and external condition, where if you proceed with a sale or letting you may want to invest in a structural survey prior to completion of the transaction.
Hopefully this information has been useful to you and if you would like to discuss these or any other property matters please email me at email@example.com or click here to find me on linked in.