3. Building
As most business property is leased you will
have far more choice compared with buying
freehold, which has the downside of tying up your
cash. An average lease will run from 3 to 10 years
and so provides the stable base needed. However,
you need to watch out for the following:
-
Bad landlords – some fail
to keep premises clean and maintained and worse
still, can fail to keep their side of the lease
agreement. Try to get references from past
tenants.
-
Rent reviews – make sure you fully
understand the rent review in your lease
contract. This allows your landlord to increase your monthly rental cost.
-
Fees and time – buying a lease can be
expensive and time consuming legal advice is
essential.
Why not draw up a property specification to
save time. This should include details of
everything you are looking for, noting which items
are purely desirable.This may typically look like
this:
-
Location – specify the areas you would like
to search within
-
Tenure type – Lease or freehold
-
Length of lease required
-
Size of premises (ie 9,000 to 10,000 sq ft)
and maximum price per square foot
-
List specific requirement - good height,
intention to obtain D2 planning
etc
SPI Play can put you in touch with companies
who may be able to help you find your ideal
premises. Just ask!
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