Commercial property types, simply put, are properties that fall outside that of a residential setting. This includes:
Office space - a single building or clusters of buildings designed for office use.
Retail space - stand alone shops, as well as shopping centres - really anywhere you can spend money.
Mixed use properties - for example you can have a boutique or business on the ground floor with apartments upstairs.
Industrial space - space typically dedicated to manufacturing, warehousing, research and development, as well as light & heavy industrial uses.
Hospitality - this includes full and partly limited serviced hotels and motels.
Multi-unit apartment buildings - any strictly residential properties with more than four units
It is important to note that all these commercial properties are listed or zoned for commercial, retail or industrial use. Commercial properties are typically located on main thoroughfares, boulevards or avenues with a variety of other commercial buildings. Think of your trips to the grocery store, the dry cleaners or the pharmacy. They're all usually found together right? But what do they all have in common. The end goal for all of these is pretty much the same and that is to generate income for their investors.
Investing in commercial property can initially be somewhat daunting. It is a higher-risk investing in residential property. You'll need more cash in your pocket, the bank lending criteria are tougher, and once you have the loan, you sometimes have to play the waiting game while you pick up the rates, this can last for months on end. On the other hand, with careful planning, once you have the loan secured and commercial tenants occupying the space, there are less of those niggling maintenance calls that come as part of the package with normal residential tenants, and it's easier to manage. The most attractive part is the rental yield. It's a lot better for the landlord. The landlord can sometimes fetch a yield of up to eight to nine percent of the capital value of the building. Choosing great, long term tenants is crucial.
Commercial property can be let on flexible terms, to small and medium sized enterprises in and around London, as well as to the larger corporate companies or industrial manufacturers, all at an affordable rate. A comprehensive management approach with commercial property lets enables customers to focus on their business. The flexible leases and range of business space centres provided, offer customers the opportunity to expand or contract as their commercial property requirements demand. Business centres can offer a range of different sized business space and uses including serviced offices, offices, studios, workshops and light industrial units, as well as a wide range of meeting and/or event space.
Whether you want to let a serviced office in Central London, a studio in North London, a light industrial unit in East London, an office in SE1, a workshop in West London, or a medical centre, the right commercial property for your business is but a click away.
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Darren Best is an expert in London commercial property He is a member of the UK National Association of Estate Agents and a partner of Savoy Stewart with over 15 years of experience dealing with office refurbishment and design advice throughout Central London, together with all aspects of commercial property marketing for sales and lettings. For more information on Commercial Property in London please visit http://www.savoystewart.com
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