Things To Look Out For When Buying A Commercial Property

When viewing a potential commercial property, there are some key things that you need to look out for, consider and be aware of. As professional and experienced commercial property lawyers in Peterborough we have put together these key things for you to look out for when buying a commercial property.

For example, it’s important that you carefully inspect the condition of the commercial property. Make sure that you look out for any defects or damage to the property, or signs of disrepair. These need to be considered because you may need to pay to replace or repair them in the future. In turn, this will influence the value of the commercial property and potential negotiations too.

You will also need to look out for the specifications of the premises when buying a commercial property. Make sure that the property is suitably fitted for your needs. This includes flooring, décor, fixtures and fittings. It’s a good ideal to check on the provisions for phone, internet and utility connections too, if these are important to your business.

Accessibility of your commercial property will need to be considered too. Think about how close your property is to motorways and other transport links. Is there availability of parking spaces for employees and customers or clients. Do you need extra space deliveries? Is easy access possible for customer and logistics? If not, would that affect your business?

The location of your commercial property will be to be thought about as well. Think about the importance of passing footfall and traffic. While this is important for retail businesses, it may not be as important to a warehouse business for example. Take the time to think about noise affects your business. Is it a noisy business and will this affect your business? Could noisy neighbours impact on your business?

It’s important to look out for the flexibility of a premises when buying a commercial property too. Could the space be configured, adapted or extended to meet future business growth if needed? If not, how will this impact on your business growth plans? Is there possible scope for surrounding businesses that could enhance the space of your business premises such as a neighbouring or upstairs premises?

Our commercial property lawyers in Peterborough will be able to help you out with the compliance of your property. They will request evidence of EPC certifications and building safety inspections as required, along with any other legal documentation needed.

Looking at buying a commercial property for your business? Contact our commercial property solicitors to see how we can help you and your business.