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Researching commercial property and i’m having some difficulty understanding the following:
“The business is being offered on a leasehold basis with 6 years left on the current lease and an extension available. The rent is £100 per week and 100% rates relief applies under the Small Business Bonus Scheme.”
From this I understand you would lease the business for 6 years, then agree a new lease / leave.
£100 a week rent. Would that be paid to the leaseholder or the council?
Rates relief, would that mean the above is waived if it is paid to the council or is it an additional cost if you don’t qualify?
Thanks in advance.
Omega Property (Formerly SBS Ltd.)
I am not professionally trained to give advice, generally posting for the benefit of the community or my own personal development.
Are you looking for a business for sale or a commercial property for sale? This appears to be a business sale.
The rent would be paid to the landlord. The rates relief would apply to the business (along similar lines to student rates for Council Tax)
The details for renewal will be in the lease.
Researching commercial property and i’m not sure where to look. The ones I keep finding are along the lines of the above, which after your reply, seems to be the business rather than the property itself.
I found mine by searching on Rightmove and Zoopla. I believe there are better methods but it worked well for my first purchase. You can deselect businesses for sale, but its dependent on the agent inputing the correct information and not always accurate.
Gary,Have a look at these two auction sites for commercial property, these are national but you may find some more smaller local ones in your ares
(Edit - just realised that as we have just joined Property tribes we are in probation and i cannot post clickable links so you will need to do a google search - sorry]
'Acuitas commercial property auction' and 'allsops commercial property auctions'
Then we have written a series of 7 articles on Commercial Property Investing, which hopefully covers off a lot of the lingo
google the following
Proplend Investing in commercial property 101
Proplend the key stages of a typical property transaction
Proplend financing commercial property
Proplend buying a property at auction
Proplend commercial leases
Proplend commercial advisors involved in a property transaction
Proplend an overview of a commercial property investment
I hope that this is useful for you.
Proplend Borrower Team T: 0203 637 8418 | http://www.proplend.com15 Little Green, Richmond, TW9 1QH
(*Moderator note: Comment removed*).
Thank you for the info. I was aware of Allsops but found they had little available in South Wales. Acuitus appear to have similar offerings and both are probably a good reference for other investors. ( For South Wales I can recommend Paul Fosh and All Wales Auctions, both of which use Rightmove and Zoopla
The links provided are very comprehensive and a useful resource.
Its not clear whether you also consider mixed use (commercial/residential). This was my first step into commercial property and I believe several other contributors to PT have made the same step.
Brilliant, I’ll start working through the information.
Here are the links:Proplend Investing in commercial property 101
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**