1) Renting vs. Buying Commercial Property in London
There are a many advantages to renting commercial property in London, the most frequently addressed is the issue of cost. If your business is looking to occupy a commercial property for a period greater than 10 years, we recommend considering buying a business premises in London. For companies who might wish to expand or move on in less than five years the savings from just renting, especially in London, can be considerable.
2) What Type of Commercial Property Are You Looking For?
Our commercial properties can be split into four categories: retail, office, leisure and industrial. Although it might seem clear which property type is right for you it is worth considering issues such as storage, how client facing you intend to be and a building’s communal facilities
3) Select the Location Carefully
Consider the needs of your specific business, your clients and your employees as well as correctly representing your brand. An area that might provide you with more value for money is often not the most appealing to prospective clients and employees.
4) Consider Leasing Options
Commercial property rentals can be for any period of time from a few months where a short term lease should be considered to anything over three years which requires a long term lease agreement. In addition it is advisable to consider various other lease factors such as break clauses, service charges and maintenance.
5) Other Practicalities of Renting Commercial Property in London
In addition to such practicalities as parking and loading restrictions it is worth considering other business costs such as land registration, insurance, guarantors deposits and energy performance certificates not to mention the utility bills themselves, service charges and business rates.
6) Property Development & Responsibilities as a Commercial Tenant
Before signing a contract make sure you check your lease, as some responsibilities lie with the tenant almost certainly including maintenance and health and safety.
If you wish to make any alterations to the interior of the property, or very small changes to the exterior, you may not need planning permission, but should check with your Landlord what they allow and what will need to be undone before vacating the premises.
7) Vacating a Business Premise Before the End of a Lease
If rent payments are not received by the agreed date the landlord has the right to terminate the lease and recoup the debt. Where possible this should be the last resort. Before signing a lease it might be possible to agree to the possibility of subletting the premises giving you, as the tenant, the ability to provide the landlord with an income should the lease no longer be viable for your business.
8) Ask for Professional Commercial Property Help
Currell Commercial were established in 1990 giving us the experience to help you with every aspect of renting a commercial property in London. For more information please read our full guide to renting commercial property or contact a member of our team.