Our Top Tips for Commercial Tenants
When searching for commercial property, there are a number of points to be considered. Below is a list of tips when embarking on your hunt for the ideal premises:
1. Be prepared
If you are a new business speak to your bank before commencing your property search. Seek their advice, support and assistance in financial planning and the production of a business plan. In terms of existing businesses making ready financial statements such as accounts and a list of referees is always a good idea.
2. Assess your budget
Now armed with your business plan you will be able to calculate an approximate financial budget range for your new premises to include both the rent and business rates for your new property. The amount of Business Rates payable depends on the type of property and location - it can sometimes be as much as 50% of your rent commitment.
3. Business Rates
The amount payable to the local council for business rates can sometimes be a hefty burden. There are however currently measures in place reducing the amount payable with rate relief to small businesses and registered charities. Speak to your local authority to confirm whether you may qualify for assistance
4. Know your location
It is important to research and identify locations where there might be a gap in the market for your business or that suit the nature of your operation in respect of communications. It is useful to visit the preferred locations that you have identified to check that the environment suits your business type.
Look at the nature of your business and estimate how much space you will need as a minimum to accommodate your operation which should include external areas whether for storage, loading or parking.
Dependant on your financial constraints, you may have to be prepared to make some concessions in terms of your preferred wish list of property requirements.
Obtain professional legal, valuation and property advice before you submit a lease proposal. You should Identify, understand and protect your short and long term financial exposure.
View our list of available commercial properties.
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