At BB&J Commercial, we understand that investing in commercial property is a big decision. The process can take up a significant amount of your time and energy, and things do not always go to plan. To help the process go a little smoother, it is important to ask the right questions from the outset.
Whether it be asking what the location is, or querying about the quality of the site, it is a good idea to know what to ask. So, keep reading to know the right questions to ask.
What is the location of the property like?
You will need to assess whether the location of the property is suitable for yourself and your business. Try to choose a location where your premises will be seen by traffic and individuals walking past. You may also want to consider the accessibility of the location for your clients, the location of the suburb, the other businesses surrounding the property, proximity to public transport, and the level of surrounding competition. All these factors will be important in deciding whether the location is right for you.
What is the condition of the property like?
You don’t want to occupy a commercial space which is inadequate. If you can, find out what the property was last used as. That way, you will get a vague idea of the kind of damage, if any, you will be dealing with. You also want your property to look appealing to clients.
Is there possibility for expansion?
You may want to expand your business in the future. In which case, you need to ensure there is enough space to do so. Otherwise, you may be limited in terms of adding to the space.
Are you taking advice from commercial property professionals?
When you own your own business, it is natural to want to oversee everything yourself. But sometimes it is good to lean on others for advice. When it comes to buying commercial property, make sure you are surrounding yourself with the right people in the form of an experienced accountant, a commercial building surveyor, and a conveyancing solicitor.
Who is adjacent to the property?
What is surrounding the property currently? If you are investing in a retail premises, you will want to ensure that the surrounding shops are performing well as your premises is likely to follow the same pattern. You do not want to set up shop on a failing high street. Make sure to invest in a property which is surrounded by other successful businesses, and somewhere with good footfall.
What are the parking facilities like?
Depending on the company sector, you will need to ensure that your commercial space has good parking facilities for your clients. This way, it will be easy for them to visit your site without hassle. The last thing you want is clients being put off by awkward parking arrangements!
What is the accessibility like?
Similarly to parking facilities, you will need to consider how accessible the property will be for your clients. Whether you are planning on purchasing a retail shop, or an industrial site, you want it to be accessible for all to prevent issues. Is there wheelchair access? Is there a big enough entrance for industrial vehicles to enter? These are all things that must be considered.
What are your finance options?
It sounds obvious, but do not forget to really consider your finances when investing in commercial property. You will have to put down a deposit, so make sure to really think about how much money you have, and whether you can comfortably afford to put down a substantial deposit.
What is the historical performance of the site?
Do you know did other commercial tenants perform in the site? If they performed poorly, you might want to contemplate whether the property contributed to such performance. You will want to learn from the mistakes of previous occupants, not repeat the same problems. In the same instance, however, what did not work for another, may work for you instead. This is especially true according to the business sector. If previous tenant performed well, this is a positive indicator, especially if they operated in a similar sector.
Are there any limitations to changing the property?
Similarly, just like expansion possibilities, there may be certain laws which mean that the interiors of the property cannot be changed. If changing the interiors and features of the property could be a possibility for you, you will need to ensure that the property in question will allow this.
So, now you have all the questions, you will be ready to face commercial property investment head on. Are you looking to buy, rent, or let a commercial property in the Derbyshire area? Get in touch with our friendly team at BB&J Commercial today.