Selecting a commercial property

Friday, March 14, 2008

Commercial property is usually advertised in the local and national press, estate agents, trade press and magazines. The internet is also proving a popular place to advertise commercial property.

When selecting a property, a number of factors should be considered before making a choice.

You should consider the ideal type of property for the business, while compromise may be necessary to an extent, the building should be suitable for the business.

You should make sure the business will be able to operate from the premises. Some properties are subject to restrictions on the types of business they can accommodate. In other cases, the local authority may be required to authorise a change of use.

It is worth remembering that many companies buy premises that suit their needs at the time, but expand rapidly, soon outgrowing the premises. Therefor the amount of space needs to be considered.

What facilities does the premises offer? This would include parking, the availability of utilities, the type of heating and so on.

The environment needs to be considered, meaning staff comfort and the impression given to customers.

The Local Authority expenses and running cast is also a major factor to think about. Business rates and local authority charges will vary between areas. High charges and running costs will put a strain on the company and may make a future sale problematic.

If you have any questions on this article, please feel free to contact Drew Mitchell at Commercial Lending which is the dedicated commercial mortgage arm of Solution Mortgages. He can be contacted on 0845 123 8900 or by e-mail on drew@commlending.co.uk or visit the website http://www.commlending.co.uk/ for more information.