An Introduction To Commercial Property Purchasing & Management
Commercial property values in the UK may not be what they once were, but investment in commercial bricks and mortar is still a sound one, as confirmed by leading chartered surveyors, Eddisons, at a recent auction held at Leeds United Football Club.
“Property remains preferable to more traditional forms of investment”
The sale, which took place in June, included several properties that sold way above their guide prices. Commenting on the success of the auction, Eddisons’ Tony Webber noted that investors reacted well to the guideline prices. Many, in fact, decided to bid on multiple lots at a time.
Investment in commercial property requires significant upfront costs and a fair amount of administration, but the rewards can also be significant if the property is properly managed and maintained.
Security is key
Key to the maintenance of any commercial building and of paramount importance to the occupier is the security of the property. Physical products such as sturdy security doors, security shutters and window grilles are critical for many businesses that are required to protect stock, staff or equipment. Such fittings can only enhance the appeal of a property as well as its resale value when the time comes to part with the property.
A break-in for a business can have devastating consequences. Valuable stock and equipment are often stolen, the property might be damaged and staff morale can be shattered.
A landlord’s legal obligations
Landlords have a number of legal obligations. These should be fully investigated to ensure that the correct measures are implemented. All the required security considerations must be taken into account.
Insurance for commercial property is another aspect that will be assisted by quality security measures. Whether a property is occupied or not it will still need to be both insured and secured. In some cases it will be even more important to have the correct security to keep out unwanted tenants.
When the time comes to see a property it is important to have an up-to-date awareness of local property values, as well as a clear understanding of the legislation which surrounds commercial property sales and an insight into what buyers are looking for from sellers.
Market elements directly affect many aspects of the selling process, including price and local demand. In addition, legislative factors may affect the ability of a prospective buyer to run a business from the property. A well-maintained, secure building will be a much more attractive prospect than others on the market.
Sophie works alongside Advance Security and fully understands the reasons why it is so important to look after commercial property of all natures.