Why you need professional advice for commercial property
— 28 Jan 2019 12:47:05 by Simon Thetford
One of the most important decisions for your business will be the acquisition of a commercial property. Whether for your own occupation (to buy or rent) or as an investment, it makes sense to instruct a specialist firm.
Finding a suitable property can be a lengthy and difficult process; having retained professionals who act in your interests is invaluable. Sometimes a search may produce results immediately but, more often than not, it takes weeks or even months.
On receipt of your instruction at Graves Son & Pilcher, we contact all active commercial agents and directly approach property owners. Quick access to a contact base of this kind is priceless. We also have access to a network and range of platforms exclusively available to commercial agents. In many instances we are able to identify (and acquire) off-market opportunities for you. We stay in regular communication, updating you on our progress and any new opportunities.
In acquiring a property, not only do we negotiate all the relevant terms but we also identify and advise on potential “roadblocks” prior to instructing solicitors. These can range from the condition of the property to planning issues. Throughout the legal process we advise and problem solve to achieve a successful acquisition.
We’ve witnessed numerous situations where professional advice would have mitigated or even removed unforeseen liabilities. For example, a new venture (advised by a solicitor) paid a premium of £100,000 for a lease, assuming that the property had A3 restaurant use, when in fact there was no planning for this.
Conversely, when Graves Son & Pilcher acquired offices for a rapidly growing service sector company, we successfully negotiated a lease that was structured to provide a fitting-out allowance of £400,000. We also disposed of the client’s former offices through a termination of the lease.
Solicitors only advise on the legal documentation, whereas a commercial property adviser’s role is to identify, negotiate and ensure a successful acquisition outcome.
As a firm of Chartered Surveyors, we can advise on value, future rent review / lease renewals, lease restructuring and other professional services. We ensure that you have all the relevant information to make an informed decision. We also have access to initial informal advice from other professionals.
Our team are highly experienced in the office, retail and industrial sectors and have an excellent success rate supported by client testimonials. The depth of our knowledge and extent of our network can help you acquire the right space with the best terms.
For an initial discussion, contact Simon Thetford MBA BSc Partner – Business Space