Aspects to Consider Before Acquiring Commercial Property for Business Expansion
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If your business is doing better than expected, you have obviously done your marketing research, and it won’t be long before you will need to upgrade the existing commercial property.
There are, of course, many things to consider before going ahead with any business expansion plan, and with that in mind, here are just a few of the factors to bear in mind when looking to acquire additional commercial space.
1. Commercial Property Location
As with any property acquisition, location is critical, and you need to be sure that the location is suitable in several ways.
Is there adequate access, and are you close enough to a port for exporting goods, are both questions that need to be addressed.
Acquiring commercial space is a big decision, and you are advised to weigh up all the pros and cons before agreeing to anything, and with the help of a trusted conveyancing lawyer, you can examine all the pros and cons before coming to a decision.
2. To Buy or Rent?
There are benefits to both renting and purchasing, yet for many small businesses, the funds are not there for an outright purchase, and in such a case, a long lease would be more appropriate.
Sourcing reliable conveyancing Brisbane experts is essential, as the legal expert can advise you regarding the terms and conditions of a lease, or indeed, an outright purchase.
3. Does the Property Have the Potential for Growth?
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If your business is expanding, then you need to factor this into your new commercial property, and by making sure that any future expansions can be accommodated, you will avoid problems further down the road.
Access is one area that you need to consider, as well as any local authority restrictions on working outside of business hours.
Your conveyancing solicitor can help you to understand the leasing terms and conditions, and should you prefer an outright purchase, the legal expert can ensure that there are no restrictions that might hinder you with your future expansion plans.
4. Adequate Facilities
It is imperative that the new commercial property has sufficient facilities for you to carry out your business activities, plus the potential for further expansion, should it be necessary.
There is also a great article online that examines the many factors that come into play when searching for commercial property, which you can quickly refer to.
5. Local Authority Restrictions
Some locations will have commercial restrictions in place, and this is something to discuss with your conveyancing lawyer, who is more than qualified to ensure that the commercial premises are suitable for your business.
This is only one aspect of the conveyancing lawyer’s role, and as he is acting with your best interests at heart, you can be sure that he will discover anything that might negatively impact your growing business.
It is never a good idea to rush into any property acquisition, and whether you are buying or leasing, you need to advice of a top conveyancing solicitor, who will make sure that the new premises offers everything you need.
Category: Business
