Finding the right commercial premises is crucial for your business success. Here are some key points to look out for.
1. Property Requirements:
Size, layout, location, parking and access to amenities
2. Budget:
Occupational budget must cover rent, service charge rates and utilities
3. Multi-Let Building or Self-contained:
Check for any ‘hidden extras’
4. Utilities:
Are you paying for your own usage or a contribution towards the overall costs of making utilities to the property provided by the landlord?
5. Surveys:
Commission a condition survey or building survey undertaken and check your maintenance and reinstatement obligations
6. Building Maintenance:
Is there a building manager or concierge on site or is the property managed remotely?
7. Lease Terms:
Check the lease structure as this can significantly impact your Stamp Duty Land Tax (SDLT) liabilities
8. Working Across Different Time Zones:
Check that the building operates on a 24/7 basis if working with international businesses
9. Alterations/Building Changes:
Can you make changes to the premises to meet business needs?
10. Planning for Growth:
If planning to grow rapidly, will the property accommodate your needs? What opportunities are there for extra space if expanding?
11. Take Professional Advice:
Employ a specialist and instruct a Commercial Property Lawyer, Commercial Property Surveyor and Building Surveyor
Whatever your premises requirements, contact Hicks Baker for independent and objective professional advice
