If you’re looking to buy commercial property, it’s important to know what’s involved. Yes many of us have purchased a residential property, but not that many of us buy a commercial building. However, commercial properties in the UK account for around 13% of the value of all buildings within the country.
What is classed as a commercial property?
Commercial property is classed as buildings or land which the intended use of is to make a profit rather than be lived in or on.
Types of commercial property include:
- Offices. Very common for commercial use, offices can provide a working environment for a wide range of businesses and sectors.
- Retail. Shops, supermarkets, shopping complexes, and warehouses are common retail spaces and are often large and are of large square footage.
- Industrial. Warehouses and factories are key commercial spaces, used as both working environments and storage facilities for stock.
- Leisure. Spaces where the public visit for entertainment, such as cinemas, restaurants, gyms, pubs, hotels, and bars.
Things to consider when you’re thinking about buying
Before you buy a commercial property, there are numerous points to consider. There are always fluctuations in the market, and it’s worth following these to understand when is a good time to buy. Consider the value of a property and what you can afford, plus the availability of these kinds of properties in the area. As well as the mortgages available to you, the demand for the type of commercial property you’re looking to buy, and the rental potential of the property.
Business facilities and amenities
Whilst the financial side of the purchase should definitely be considered, the actual business potential and how the site suits the business should also be considered. Such as:
- Parking facilities or restrictions
- Local shops, amenities
- Rail, road, and public transport links
- Delivery facilities
- Fit out options
- Potential employee pool
- Proximity to other businesses
- Proximity to similar businesses
- Surrounding business aesthetics
- The building facilities and furniture
- Congestion charges and issues
If you’re thinking about buying a commercial property, and want to discuss what you should consider further with one of our property experts then get in touch. Call us on 01782 662424 or email us at email@example.com