LACK of available properties in the right location or very specific property requirements can make searching for commercial property a frustrating business for both tenants and property investors.
Many firms are hesitant to instruct a search agent, put off by the thought of paying another professional fee. Yet, many clients have been pleasantly surprised that instructing a surveyor to act on their behalf can often save considerably more than the surveyor’s fee.
For example, NMA saved a recent client £42,500 by negotiating the rent and a rent-free period and arranging for the landlord to undertake various works. This local business instructed us when they needed to relocate to larger premises in a very specific area of Northampton. The firm, who had been looking for some time but were unable to find suitable premises, was delighted when NMA not only found a suitable property but also negotiated such a dramatic saving.
In a similar vein, we conducted a comprehensive search for a large multinational looking to expand in the local area who again had specific requirements. Using our contacts, we have identified several opportunities including options not on the open market.
The lack of good-quality warehousing and industrial stock throughout Northamptonshire is well recognised. However, this overall lack of stock has clearly been identified, with the area seeing a significant number of new commercial developments and urban extensions being proposed andbuilt, many of which incorporate a considerable amount of industrial space.
For many clients, time trawling commercial property portals and agents’ websites looking for available property is a distraction from the day-to-day job of running the business. And in a very competitive market, just searching the internet is not enough. That’s where using a search agent can come into its own.
Clients can specify a particular location but can also extend the search to a wider radius; our expertise is not confined to the immediate Northampton area – we are currently working with a client looking for office space in Leicester city centre for example.
The search can include not just existing properties (both leasehold and freehold), but also development opportunities where a new build could be specified to the client’s requirements. A clear understanding of the client’s needs allows us to think creatively, uncovering options that are perhaps not even on the open market.
The results are presented in a report highlighting the options available, both in terms of existing premises and development opportunities, and giving our recommendations. We can then negotiate with the landlord or landlord’s agent on your behalf to progress the deal through to completion. In many cases, the savings we can make for you through the negotiations will more than cover the costs involved.
If you have a similar problem and need some advice, please call Oliver Brookes for an initial discussion on 01604 799010 or have a look on our website for more information about the Property Search Service.