The UK has witnessed a rapid increase in the number of individuals buying commercial properties to let which supports the notion of commercial property becoming an increasingly attractive investment. The process of purchasing such properties can often present risks and become confusing for those involved. Whilst this list is not exhaustive, the commercial property sector is made up of some of the following:
- Hotels, Gyms, Restaurants, Pubs, Shops, Seaside Kiosks
- Offices, Factories, Warehouses
When considering purchasing a commercial property there are many things which should be considered such as:
- Your budget & financial backing – How much money can you initially provide?
- Freehold or Leasehold – What type of investment are you looking for? This is often answered by the question: Are you a start up or a growing business looking to invest?
- What other competitor investors are within this area? What are they doing?
- What is tenant demand like in this area? – If you are letting.
- What are the rental values like in this area?
- Carrying out property searches
Commercial property is assigned into classes which regulate how a commercial property is occupied. This means that any business carried out within the property must adhere with the buildings planning use. If the buyer intends to redevelop the business or alter its contracted use, planning permission may be required. Hodgkinsons’ commercial property Solicitors can provide advice on such feasibility.
Purchasing a commercial property is a substantial investment, therefore, the process must be carried out efficiently and accurately. By instructing a Solicitor to carry out the process of purchasing the commercial property you can ensure that mistakes are avoided, minimizing risks and aiming to maximize your return on investment.
If you are thinking about purchasing a Commercial Property, our team of specialist Commercial Property Lawyers can guide you through the process whilst providing you with constant updates on both the transaction and the associated fees. To speak to either Robert Foster or David Chambers, contact our office in Skegness on 01754 897150. Alternatively, if this is something you are considering and you would like more information about the services which Hodgkinsons provide visit: http://www.hodgkinsons.co.uk/commercial-and-property/commercial-and-property