Commercial property is any building or land where business activities take place. There are numerous examples, but generally it is anywhere where profits are intended to be made (which is why commercial property is sometimes also known as income or investment property). So, examples could include:
Commercial property, whatever the type, comes with its own set of laws and regulations, many of which are to residential property. For example, in any public building such as a shopping centre, as the owner you are liable for the safety of all people using that space and so much strictly adhere to all relevant health and safety requirements. Other commercial properties, meanwhile, such as bars or some factories, require licenses and regular inspections.
The easiest way to secure a new property is through a commercial property agent, who will source premises for you. But before that, you need to decide if you want to buy your property or lease (rent) it. There are advantages and disadvantages to both, though generally speaking leasing tends to be best suited to growing businesses, while buying is best for companies that are well-established and have available funds to make the required significant investment.
Leasing – pros
Buying – pros
Assuming you don’t have sufficient funds to buy your premises outright, you can apply for a commercial mortgage. There are a wealth of products available, from almost as many lenders; many choose to use specialist a commercial mortgage broker to help them find the right deal, though these experts will of course charge a fee for their services. Most commercial property mortgages require large deposits, of around 30 per cent or more.
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