Finding Commercial Premises

Renting or buying business premises is one of the largest financial commitments that a business makes. Spending time working out your exact property requirements can save you time when looking for premises.

• What are the main factors to consider when renting a property?
• What are the main factors to consider when buying a property?
• Finding your ideal premises

What are the main factors to consider when renting a property?

There are many factors to take into account when comparing commercial premises, including:

• Location
• Cost  
• Space for expansion
• Security
• Working environment
• Health and safety regulations
• Fire regulations

Some buildings have restrictions on the type of business that can be run from them and a change of use certificate may be required.  This can be checked with the Council’s planning department before signing a tenancy agreement.

If renting a property, tenants are usually responsible for all legal costs associated with the commercial lease, including the landlord’s costs.  Commercial leases in Redditch tend to run for 3,5,10 or 15 years, however it may be possible to negotiate a shorter term.  Alternatively, Licence agreements may provide a more flexible alternative.

What are the main factors to consider when buying a property?

Buying a property can tie up a lot of capital and may only be considered in exceptional circumstances.  For example, if your business has very specific premises requirements and the rental market cannot meet these needs.  

Building work and renovations should be tightly scheduled and budgeted and impact on the future market value of premises should be considered before any major work is carried out.

Finding your ideal premises

1) List the exact requirements that your premises must meet, including any capacity for future business growth.

2) Obtain lists of vacant properties from Redditch Borough Council's Economic Development Service.

3) Visit as many suitable properties as possible, compare costs and how closely they match your requirements.

4) When you have found a suitable property, seek legal advice before signing any rental or purchase agreements.

 Some information published here has been reproduced from the government’s Small Business Service (SBS) website. Crown copyright material is reproduced with the permission of the Controller of HMSO and the Queen’s Printer for Scotland.