Investing in a commercial property is a great way to ensure that your money is working for you, because you will be achieving far better returns than you would if your money was in a bank, but is your investment working as hard as it could be?
Whether the commercial property is used for your business or you are leasing it out to another company, there are ways in which you can maximise your investment.
One way you may consider to maximise your investment is to expand your property. If your business is using the property it may be worth considering if there is anything that will significantly add value to your business, for example a car park for your customers, more office space, storage or even a warehouse.
If you think this is a good way to improve your business and also increase your profits, there are a number of things you will need to consider. You will have to apply for planning permission as a starting point, and depending on the local authority’s response, you might need to consider revising your ideas. You should ensure that you also get a full survey of your property so that you are aware of any issues or problems before they occur.
Research Your Market Properly
A great way to make sure that your investment will work for you is to do some local market research. You can review properties which have already been developed, so you can see what their returns are like and can also learn from them by understanding what has worked and what hasn’t, so you don’t have to make the same mistakes.
Extending your property if your business is occupying the building has huge benefits because you will not need to look for and purchase a new property, and you can extend your existing property to meet your businesses requirements.
Improving The Interior
Another option you might want to consider is to make improvements to the interior of the building. Perhaps the layout is not ideal or you would like to add a kitchen or some toilets. Whatever the internal improvements you may be considering, they will certainly be of benefit to your staff and to your customers which can only mean they benefit and improve your business too.
When you make improvements to your commercial property you increase the return on it when it is time to sell. In the meantime, you reap the benefits of happier staff and happier clients and a better environment for everyone.
For more information about this article or any aspect of our commercial property legal services, please call us on 0800 142 2775 or reply to this email and we will be delighted to help you (there is no charge for initial telephone discussions).