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Looking to rent commercial property?

Looking to rent commercial property?

14th January 2016

This is a brief summary of things you may need to know when renting a commercial property:

Before you start looking for a commercial property, make sure you know what type of property your business needs.  Each property has a designated use class depending on the type of activity that can be carried out in the building.  Check the marketing details for this information to save yourself time.

The most common use classes are as follows:

A1: Shops

A2: Financial and Professional Services – Banks, Building Societies, Estate Agents

A3: Restaurants and Cafes

A4: Drinking Establishments

A5: Hot Food Takeaway

B1a: Offices

B2: General Industry, Light Industrial, Motor Mechanics, Workshops

B8: Storage and Distribution

D1: Non Residential Institutions ie Health Care, Nurseries, Library, Assembly Rooms, Training

D2: Assembly and Leisure

References:  You will normally be asked to provide details of three referees - one from your bank, one from an accountant or solicitor and one from a tradesperson. Bank references can be very slow to acquire, if you are hoping for a speedy transaction it may be worth contacting your Bank Manager direct and asking them to deal with this request as quickly as possible.

Legal: We recommend that you employ a Solicitor.  If you do not already have one please contact us and we will be pleased to recommend a selection for you to contact.

Deposit and Rent Payments:  A deposit is usually required and it is normally between three to six months’ rent subject to circumstances, references etc. Rent may be paid monthly or quarterly usually by Bank Standing Order, to be agreed prior to the commencement of the Lease.

Useful Terms:

  • FRI – this means Full Repairing and Insuring lease.
  • Service charge – this is an additional charge to cover the cost of the common parts, Maintenance charges etc if it is not a self-contained building.
  • Business Rates – charged on most properties and payable to the Local Borough Council, information can be found at www.voa.gov.uk or the Local Borough Council’s website.

 If you would like any further information on renting a commercial property or wish to view one of our commercial properties for rent, please call us on 01622673086.