Renting Commercial Property Guide

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There are a number of factors to consider before starting your commercial property search. Not only do you need to consider current and foreseeable business requirements, but you need to prioritise what’s most important to your business:

• What type? Office space, industrial space or retail outlets?
• What size do you need? Do you require lifts to serve all floors?
• What impression does the commercial property need to give to your clients, customers, suppliers and potential staff?

The Frost Partnership area guides provide further information on the areas in which we operate; South Buckinghamshire, Berkshire and Middlesex. All the areas offer excellent railway and motorway transport links to London, Reading and Heathrow airport.

Choosing a suitable location for your business is a key factor to get right as it affects the suitability of a property for your business, clients, customers and employees.Have you considered whether you need to be located in a business or retail park, industrial estate or in the middle of the town?

Other considerations may include:

• Parking or parking restrictions for employees, clients or suppliers
• Delivery times or restrictions
• Easy access to public transport links
• Attracting passing trade/ footfall

Contact The Frost Partnership. Our commercial agents have local knowledge and insight about up-and-coming properties that might be ideal for your business.

Commercial properties are covered by The Town and Country Planning (Use Classes) Order 1987 as amended - which divides commercial premises and land into different use class categories. Make sure you know which class you are looking for or contact The Frost Partnership for more information.

Table 1: Commercial property and use class.

Table 2: Commercial property use class types that can be changed to accommodate other use class types without the need for the landlord to apply for planning permission.

Once you have found the ideal property to rent, your agent will be able to provide you with further details about the costs specific to that property.

A typical sample of costs include:

• Deposit. In order to secure a commercial property the landlord will normally request references from the potential tenants. If your business is a start up or relatively new it might be wise to have a guarantor for your rent and other liabilities or a rental guarantee, such as a cash deposit between 6-12 months in rent paid, held by the landlord for the duration of the lease. The landlord would draw against this if rent is not paid on time or the property is returned to the landlord at end of the lease in a bad condition.
• Professional adviser fees (agents, solicitors, surveyors etc.).
• Local searches, if applicable. By appointing a solicitor to carry out local searches, you will discover the property's current and historic condition, building history, potential nearby developments, contaminated land and any other issues that might interfere with your business and the property you are about to rent.
• Stamp duty land tax on commercial leases range from 0% on properties up to £150,000. All rental values over £150,000 require the tenant to pay 1 percent of the exceeded £150,000 value
• Business rates, if applicable.
• VAT, if applicable.

When you have found the right property for your business, we will help to negotiate your offer and terms of contract. It is worth noting that not until the contracts are signed and completed will the property be withdrawn from the market. However, by placing a firm offer and providing references it might influence the landlord.

Once both the tenant and the landlord are content with the contract, surveys and inspections and the required funds have been transferred and accepted by the landlord – the property is officially yours to move into on the date specified on the lease.

A Schedule of Condition report details the exact condition of the property on the day you move into it. Generally this entails detailed photographic images that are attached to the lease and acknowledged by both parties. If you are not renting a new building the schedule of condition report can be highly beneficial to protect the tenant and the landlord on expiration of the lease. Since the tenant is obligated to hand the property back to the landlord in good order, fair wear and tear accepted, the schedule of condition report will protect the tenant if the landlord is being unreasonable about releasing the deposit, but it will also protect the landlord if there are additional decoration costs or loss of rent while he makes good the premises for re-letting after the tenancy expires.