If you are a business owner thinking of relocating or acquiring business premises, finding the right commercial property is crucial to ensure your business flows easier and is more profitable. Taking the right logical approach in an organised way is essential or you could find issues arising in the future that could cause you problems and cost the business financially. Here are a few tips to help!
Where do you start looking?
Chartered Surveyors like myself who can handle the sale and letting of commercial premises could act on your behalf to do the necessary work for you and guide you around the many possible pitfalls in a sometimes daunting and complex process.
You could make a start by doing a little research in what you may want…drive around the commercial areas of your town or city looking at “For Sale or To Let Boards” of possible suitable property or delve into the internet from the comfort of your office or home in order to get a feel for the type of property you may need, in addition, most major towns run weekly commercial property editorials or listings in local newspapers.
What are your priorities in deciding on the premises?
- Location – is very important because if you get this wrong it could cost you dearly. If you are a service provider needing an office then you may need to be close to your potential market, a manufacturer close to raw materials or a shop close to where the public will notice and want to buy from you. It addition to this, you may need to think about how your staff will get to work, or proximity to transport or road links.
- Business strategy – number of staff, machinery, software, parking, visibility to your market place and future business expansion are all considerations to take into account at the outset.
- Property specification – what will be your space requirement in terms of size of property for maybe plant, machinery, desks, filing, shelving or storage and don’t forget staff welfare, loading and unloading and utilities including telecommunications and power supply which will all need to be taken into account as part of your decision-making process.
- Buy or lease – can you afford to purchase the property outright or will you be renting the property for a term of years, this calculation is to determine which route to take, in addition to possible mortgage or rental payments you will be to take water and business rates, possible service charges, insurance and other outgoings such as repairs and maintenance into consideration.
Contacting and retaining a Chartered Surveyor at the beginning of the process who will act on your behalf will be able to guide you and provide independent and professional advice to ensure you get the best premises, in the right location, at the right cost and on appropriate terms to suit your business needs.