Draw up a list of what you need from your business premises
How important is property size, layout, location, facilities, structural requirements and parking to your business needs? Also think about your long-term business plans and how these might affect your choice of business premises. For example, you might want to expand or alter the property in the future.
Order your list by prioritising your desired requirements from the top down. This will help you visualise what the most important factors are for you and your business when deciding on a suitable commercial property.
Location, location, location
Choosing the right location for your business premises can be a bit of a balancing act. You may want to choose a location that is convenient for your customers, employees and suppliers, but isn't too expensive.
Some factors you might want to consider when deciding on location include, footfall, where competitors are located, delivery restrictions, parking restrictions and business rates.
As a Lowestoft based commercial estate agent, we believe Lowestoft has something to offer with excellent transport links to Norwich, Ipswich, Cambridge and London whilst enjoying value for money per square foot.
Buy or rent business property?
You will need to determine whether either buying or renting a commercial property is best for your business needs. You should compare the advantages of renting commercial property with the advantages and disadvantages of buying business property.
Business rates
Before agreeing to buy or rent commercial property you will want to get an idea of what you are likely to pay in business rates. You may be eligible for assistance with business rates so make sure you contact your local authority to check what you need to pay.
Legal considerations for commercial property
There are a number of legal considerations when choosing business property including planning permission, health, safety and fire regulations, insurances, accessibility and licences.
You will probably need to pay stamp duty if you purchase the property or if you rent commercial property you will need to comply with the terms of the lease. Ensure you get advice from a solicitor when buying or leasing business premises.
Search for commercial property
You can search for commercial property on our website at https://steelandco.co.uk/commercial-properties as well as popular property portals such as Rightmove. If you are not familiar with the area, visiting potential commercial properties for sale or rent in persona and spending some time in the area is always a good idea.
Check potential premises against your requirements to create a shortlist of the business properties you might want to view.
