commercial rents: where to get an idea of £££?
Discussion
jaker said:
Hi guys n gals,
I have had a little hunt on the web to see if I could find a price guide on commercial property rents, but no joy.
Anyone got any bright ideas?
I'm looking for warehousing in Herefordshire fwiw.
ta,
jaker
Very difficult to find out what people are paying as quoted rents and rents paid are totally different.
I suggest you identify where you want to be, and then speak with occupiers to try and get details of their rents. The alternative is to appoint an agent to find your space. They should then achieve a good deal as if they don;t you might be able to take action against them.
Davel said:
Talk to the Economic Development Unit, at the local council.
They can often tell you what's available and the sought rental in the area concerned!
Check their website as they may have details of vacant space on it.
Also worth doing a search on google. Might find a few agents websites. I know of one agent, who actually puts th lettings he has done online. Very good comparables! Others in your ara might do it!
just to confuse matters further there are a lot of additional issues which can affect the amount of rent being paid.
Tenant's often negotiate a rent free period at the start of a lease to allow for moving, fitting out etc and that will affect the headline rent figure.
There may also be work done by the landlord (we are doing one at the moment where the landlord is putting a 1000 square foot office into a larger industrial unit) or work required of the tenant (another deal requires the tenant to repair a floor) and that has to be considered as well.
Even if the details are on the 'net you need an experienced eye to spot which ones might not be as clear cut as they look. Local commercial agents are the best people to look at those sorts of issues. It is their job to keep track of this sort of information as they need it to advise clients what rents to ask or pay.
Tenant's often negotiate a rent free period at the start of a lease to allow for moving, fitting out etc and that will affect the headline rent figure.
There may also be work done by the landlord (we are doing one at the moment where the landlord is putting a 1000 square foot office into a larger industrial unit) or work required of the tenant (another deal requires the tenant to repair a floor) and that has to be considered as well.
Even if the details are on the 'net you need an experienced eye to spot which ones might not be as clear cut as they look. Local commercial agents are the best people to look at those sorts of issues. It is their job to keep track of this sort of information as they need it to advise clients what rents to ask or pay.
also look out for if its full repairing and insuring, - whats the condition like before you take over,
are you inside or outside of the landlord and tenant act for renewals (cant remember the exact name but if you are outside then you have no right to renew at the expiry of the time)
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