Where to find offices for sale in London?
Discussion
Hi
We're currently looking to buy some office space in Central London and it's a bit of a mess compared to the residential sector! There doesn't seem to be a Rightmove of the office world, just lots of little sites with a few offices on each.
Am I missing something? Is there a major listing or agent I should be dealing with for this?
Also, some offices have VAT on them and some don't. How would this work in regards to the mortgage etc? You bororw the full amount, reclaim the VAT at the next quarter and then pay that sum off the mortgage?
Thanks for any insights.
We're currently looking to buy some office space in Central London and it's a bit of a mess compared to the residential sector! There doesn't seem to be a Rightmove of the office world, just lots of little sites with a few offices on each.
Am I missing something? Is there a major listing or agent I should be dealing with for this?
Also, some offices have VAT on them and some don't. How would this work in regards to the mortgage etc? You bororw the full amount, reclaim the VAT at the next quarter and then pay that sum off the mortgage?
Thanks for any insights.
I can't help on the VAT and mortgage side but when we got our office we found similar regarding the agencies.
We selected a location and went to all the commercial property agencies in the area to register interest. This was 4 years ago so things may have improved. One word of caution, commercial agents make residential agents look like paragons of virtue. The amount of outright lies we were told was staggering. Fortunately for us we were cohabiting rented space with some building surveyors and they warned us of a few tricks. The most common one was claiming Gross Floor Area (floor area measured to outside walls) were Gross Internal Area measurements (floor area to internal walls).
We selected a location and went to all the commercial property agencies in the area to register interest. This was 4 years ago so things may have improved. One word of caution, commercial agents make residential agents look like paragons of virtue. The amount of outright lies we were told was staggering. Fortunately for us we were cohabiting rented space with some building surveyors and they warned us of a few tricks. The most common one was claiming Gross Floor Area (floor area measured to outside walls) were Gross Internal Area measurements (floor area to internal walls).
bga said:
I can't help on the VAT and mortgage side but when we got our office we found similar regarding the agencies.
We selected a location and went to all the commercial property agencies in the area to register interest. This was 4 years ago so things may have improved. One word of caution, commercial agents make residential agents look like paragons of virtue. The amount of outright lies we were told was staggering. Fortunately for us we were cohabiting rented space with some building surveyors and they warned us of a few tricks. The most common one was claiming Gross Floor Area (floor area measured to outside walls) were Gross Internal Area measurements (floor area to internal walls).
Noted! Thanks.We selected a location and went to all the commercial property agencies in the area to register interest. This was 4 years ago so things may have improved. One word of caution, commercial agents make residential agents look like paragons of virtue. The amount of outright lies we were told was staggering. Fortunately for us we were cohabiting rented space with some building surveyors and they warned us of a few tricks. The most common one was claiming Gross Floor Area (floor area measured to outside walls) were Gross Internal Area measurements (floor area to internal walls).
I'm sure a surveyor will be along shortly to give you the best links, but my understanding is that everything gets posted in Estates Gazette.
There's an online website called EGi and you can search for property on the propertylink portal. Heres the link http://propertylink.estatesgazette.com/
The problem you will have is that in central London - I assume you mean EC, WC, W1 postcodes - very few buildings exist of the size you want. 1000 sq ft would be a very small office building.
I think your budget of £700 per sq ft looks reasonable enough though for the fringes of central London.
Good luck!
There's an online website called EGi and you can search for property on the propertylink portal. Heres the link http://propertylink.estatesgazette.com/
The problem you will have is that in central London - I assume you mean EC, WC, W1 postcodes - very few buildings exist of the size you want. 1000 sq ft would be a very small office building.
I think your budget of £700 per sq ft looks reasonable enough though for the fringes of central London.
Good luck!
As other have said register with agents in the locality you want to purchase in.
At that budget and size it's too small for some of the main agents, try the commercial auctions; Allsop, Savills, JLL (if they're still going) and others. This size is typical, if on the smaller side, of auction fodder
At that budget and size it's too small for some of the main agents, try the commercial auctions; Allsop, Savills, JLL (if they're still going) and others. This size is typical, if on the smaller side, of auction fodder
On the VAT point, if the property is older than three years then it is up to the landlord to choose whether the property is going to be subject to VAT. You may hear this referred to as "VAT elected".
You then have to make a similar choice.
There is a catch that stamp duty land tax is calculated on the VAT inclusive price so you end up paying higher SDLT
Mortgage lenders will generally only lend on the VAT exclusive element so you have to fund the VAT yourself of put in enough equity to cover it.
I deal with a lot of deals of this sort altough as has been said in the thread, your floor area is very small for central London.
PM me if you have any specific questions.
You then have to make a similar choice.
There is a catch that stamp duty land tax is calculated on the VAT inclusive price so you end up paying higher SDLT
Mortgage lenders will generally only lend on the VAT exclusive element so you have to fund the VAT yourself of put in enough equity to cover it.
I deal with a lot of deals of this sort altough as has been said in the thread, your floor area is very small for central London.
PM me if you have any specific questions.
bga said:
I can't help on the VAT and mortgage side but when we got our office we found similar regarding the agencies.
We selected a location and went to all the commercial property agencies in the area to register interest. This was 4 years ago so things may have improved. One word of caution, commercial agents make residential agents look like paragons of virtue. The amount of outright lies we were told was staggering. Fortunately for us we were cohabiting rented space with some building surveyors and they warned us of a few tricks. The most common one was claiming Gross Floor Area (floor area measured to outside walls) were Gross Internal Area measurements (floor area to internal walls).
Offices should be measured to Net Internal Area. Removes columns, toilets etc...We selected a location and went to all the commercial property agencies in the area to register interest. This was 4 years ago so things may have improved. One word of caution, commercial agents make residential agents look like paragons of virtue. The amount of outright lies we were told was staggering. Fortunately for us we were cohabiting rented space with some building surveyors and they warned us of a few tricks. The most common one was claiming Gross Floor Area (floor area measured to outside walls) were Gross Internal Area measurements (floor area to internal walls).
I think you'll struggle to find 1,000 sq ft in Central London to buy. Even rental supply is a challenge at present.
Some agents use rightmove. EGpropertylink as suggested - but in these locations you need to speak to agents - freehold will not see the market....
Edited by surveyor on Sunday 15th March 16:57
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