Buying a commercial property
at an auction
We market the services of independent Surveyors. Surveyors pride themselves on a high standard of work. We can offer Schedules of Condition with regard to leases , Property Reports, Schedules of Dilapidations, Section 18 Valuations, Scott Schedules, Commercial Building Surveys, Structural Reports, Specific Defects Reports. Note these are not for bank lending but are to advise you how much we feel the property is really worth. If you have a property problem we may even already have written an article on it and we would refer you to the many articles we have on our home page 1stAssociated.co.uk. use independent surveyors who are more than happy to chat. Please Free phone us on 0800 298 5424 and surveyor will call you back.
Buying commercial property at an auction
This is slightly more specialised and we have helped at auctions in the purchase of leisure properties, such as pubs and hotels, care sector properties, such as care homes, properties for conversion, such as churches and also offices and retail property (shops), but you do need specialist advice here.
I've never bought a property at auction before, let alone a commercial property
We refer you to our article about frequently asked questions about auctions. We also advise that with a commercial property it is very much about the potential that you see in the property, as against the risk, and there will always be some risk. This is why we like to meet you at the property and we will offer a realistic common sense view on the property's condition, its repair liability and its potential.
Why do people sell commercial properties at auctions?
These are some of the reasons that we are aware of. Dividing the commercial sector into retail, industrial, office, leisure and institutional properties:
1. They have outgrown the premises, or they have reduced in size
We say they have reduced in size, this normally comes about from the use of technology lowering the number of people needed. A very good example of this is telephone exchanges, although it is a slightly out of date example.
2. Relocating the business
This could occur due to a merger with another company, or due to the need to relocate to a different location. We recently came across a marine based business that was locating from central England to the coast, which seemed to make sense.
3. Closing down the business due to ill health or retirement (very few people say it is because the business has failed, though sadly it is true in many cases)
4. The area has changed
We have come across examples where a change in the area can help the business, or hinder it, i.e. a by-pass being built would mean the road network becomes better in the area, but we have also seen it where it has actually killed the trade. Equally, the arrival of a supermarket can greatly affect business.
You need to weigh up how these pros and cons weigh up against your business; whether it is established or whether it is growing, or if you are genuinely downsizing. We have noticed that in all businesses there seem to be key factors that the owners will be looking out for and you will know these better than anyone.
If you focus on the business side of things we will focus on the property side and give you good common sense advice. We can do this in the form of working with you for a day, giving verbal advice on any properties you wish us to look at, or we can prepare an executive summary report on a property. The choice really is up to you.
We have produced the following articles about buying and selling at auction which you may find interesting:
If you truly do want an independent expert opinion from surveyors with regard to buying at auction then please phone 0800 298 5424 for a friendly chat,
If you want to buy a commercial property these are also sold at auction and we can help you with this. Properties can be sold both freehold and leasehold. We can explain a great deal more about the commercial side of property on our other website www.FirstAssociated.co.uk . We also have a Dilapidations Website at www.DilapsHelp.com and if it is going wrong we also have a website for Disputes at www.DisputesHelp.com .
We hope you found the article of use and if you have any experiences that you feel should be added to this article that would benefit others, or you feel that some of the information that we have put is wrong then please do not hesitate to contact us (we are only human).
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