Renting Commercial Property
Finding the right property for your business can be a long process. It is a process that requires the professional advice of a commercial property agent, especially as you require expert knowledge of the property market in order to make an informed decision.
When looking to rent a commercial property in Manchester you will need to consider a few factors to well inform your choosing and negotiating of the right property.
Location, Location, Location
During the process of finding the right commercial property for rent, the location of any prospective property will be one of the most important elements to consider. Researching local property markets can provide you with vital information to help with your search; such as availability of property, demands for tenancy and the rental value.
Simple considerations such as footfall (especially as a restaurant, cafe or shop) or easy commutability (for staff in an office space) are also important.
Other incentives may also move you to consider an area. Business Improvement Districts, Enterprise Zones and Local Enterprise Partnerships can be good for your business in the long term. As a new business, this is especially important as you could find a property in an area that offers tax concessions for new business.
Outside of location, you will also need to consider whether or not a commercial space for rent has the facilities your business needs to thrive. A car manufacturer on the eighth floor of an office building, for example, would not be a good match and would lead to many problems.
Consider the business you will undertake, staff that will be onsite and the equipment you require before choosing a commercial property for rent. An office for twenty staff with only computers and desks is fine, but a much larger industrial property will be needed for ten automotive engineers and the various hoists, tyre changers and spanners.
Also, double checking that the property has the planning permission in place for the type of business you provide whilst in occupation is vitally important. Finding a commercial property for rent in Manchester, only to realise you can’t conduct business there would be disastrous. A commercial property agent can make these checks for you prior to a letting agreement to remove this issue.
Other considerations to make can include transport links for your staff (bus stops, train stations and car parks), delivery facilities, foot traffic of the area, local amenities such as shops and cafes, as well as broadband coverage.
One of the biggest monetary considerations to make about a property outside of rent, building service charges and professional advice, is that of business rates. This is a tax on nonresidential buildings in England and Wales. This covers shops, offices, pubs, warehouses and factories.
Typically, a business rate adds around 40% to the cost of a commercial space for rent. Two factors affect the rate calculation: the rateable value of (market rental value) and the level of the uniform business rate. This is something which changes roughly every five years to reflect changes in the property market.
Exemptions can be applied, such as small business relief.
Research into what the business rate is for various areas should inform your search for a commercial property for rent, as well as looking into whether or not you qualify for any exemptions.
Making an Offer
If you are satisfied with the location, amenities and costings of the commercial property then you can make an offer to the landlord via their commercial property agents. Once this is agreed upon, you can move forward to draw up a tenancy agreement which sets out the length of the contract, the rate of rent and any repair agreements.
Only once a surveyor has established the viability of the commercial property, your funds are in place to complete the deal, can you then exchange contracts. As soon as this exchange has happened it is legally binding and completion occurs once the balance is paid.
Focussed property Search
For expert advice on how to successfully rent a commercial property for your business, you need the right property Agent for the renting process. Contact our professional team of Commercial Property Agents in Manchester today.
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