Identifying a perfect commercial property is not an easy job. It takes a lot of effort to select a property that can fulfill all your business requirements. North England, home to some of the most picturesque countryside, was once known for its industrial heritage, as Yorkshire sat at the heart of the industrial revolution in England
Manchester also took a lead role in the industrial revolution, with new forms of mass production. One of the best-known symbols of Manchester, recently used as a sign of unity and peace, the worker Bee, was developed to symbolize the hard work ethic and sheer grit of the Mancunians
Since the coal mining, iron ore, and textile industries have waned, the north of England is now more renowned for its world-famous football clubs, vibrant cities, shopping, nightlife, and culture.
If you are looking to set up business in a dynamic city, but don’t want to pay the hefty prices of the Capital, the northern cities may be the may just be what you are looking for.
Initially, you should have a clear idea of your business model and the client base you are looking to attract and the type of space that you will need. Be that office space, warehouse, showroom or retail space or multi-use.
Commercial property in the North of England can provide you with amazing offers and opportunities in comparison to setting up in London. The amount of available space means that rental rates are a lot more affordable, especially if you are looking to upscale quite quickly.
Depending on the type of business you want to run, you should select a location that is accessible for your targeted customers. Places like Leeds, York, and Manchester are some of the most sought after choices for opening a retail outlet because of the infrastructure of efficient railway links, motorway access and bus connections.
You can also checkout location reviews online before starting a conversation with a property broker. This will give you a fair idea of what location would be best suited to your industry sector and how the property market is fairing now and in recent years, this will also help you in analyzing the future potential of the area. This information is essential when developing a business plan and ensuring you allocate the required budget.
Agents can be useful, but be aware, that most are concerned about making the deal final, so they get their commission. Shop around and where possible speak to a brokerage that can offer a multitude of option in various locations and can offer unbiased information and advice, otherwise, you might not get all the in-depth details you need, especially if you are moving to a location you are unfamiliar with. Even without using an agent or a broker, it’s good to do comprehensive research before making a final call on any location.
Searching an office is also a difficult task to carry out. You need to consider various factors like parking availability, nearby accommodations, crime rate in the area, power backup, internet connectivity, accessibility, area appeal, will customers actually want to travel here, do you require footfall, are there any rules pertaining to the area, what competition is local. What are the occupancy levels for Commercial property, has this been steady in recent years.
The North of England offers you some hot locations, but not all are created equal. Manchester is probably the most expensive of the northern cities with Newcastle holding the table as one of the cheapest places to secure office space, but there are many places that fall in between. Darlington, Leeds and York, all have an abundance of space and if it’s not essential that you reside in a larger city, there are many rural offerings available.
But before you make a final decision, it is essential to make thorough checks of the location and surrounding areas. Visit the office at night, for those occasions that yo may have to work late. Does there the area still feel safe and secure?
Since you can’t change your business location too frequently, (it’s not only disruptive to business, its expensive updating stationary and websites) it is imperative to choose the location carefully so that you do not need to relocate again soon.
Commercial property in the North of England provides you with great value for your business. It helps you to set up your name in the market, in an industrious and hardworking part of the country.
There are so many instances where various brands and blue chip companies have switched their location to north England in order to enjoy lower commercial property prices, service fees and living costs. This allows for more accessible revenue to focus on the business, implement new strategies and see the business flourish.
Now it’s time to discuss other variables you need to consider when looking for commercial property. To rent or to buy?
This will very much depend on where your business is at both financially and logistically.
If your business is in the early stages and you have not yet identified a strong and consistent customer base, renting, subleasing or even shared office space can all be viable options. These solutions offer the most flexibility and least amount of risk. They also allow for fluidity, should your staff numbers increase or decrease regularly or rapidly.
However, if your business has been established longer and you have a regular and almost guaranteed cash flow, along with tangible assets, purchasing a property could be advisable.
The benefit to purchasing is that in paying for your property you are actually investing in your future security. Many business owners have become millionaires not based on their business acumen or success of their company, but investing and selling their property at the right time. If you purchase a property, you also have the option to lease or sublease, generating an alternative income stream.
Finding a suitable price on commercial properties available for purchase in the north of England doesn’t need to be troublesome. Some factors impact the cost. The age of the property, its size, location, condition and any extra courtesies it offers. You may have a specific budget you might want to adhere to. This can make it easier to draw up a shortlist.
What amount would you be able to invest in? Conversing with a loan specialist from the get-go can save you a lot of time and disappointment, so always determine what you are able to borrow before getting too involved in the search or too attached to properties.
Search for a moneylender you can depend on to walk you through the procedure. There is a lot of desk work associated with securing a commercial property. Discover a bank that will set aside the time and effort to provide you with the best solution for your needs. There are numerous products offered, and they can advise on what would be most suited to your needs.
The bank can even get you pre-approved business loans before you even begin your search. This can be extremely advantageous for negotiating. If you are able to move quickly, take advantage of rush sales, auctions or repossessed lots. I these need to be sold quickly, you can offer way under the asking price and often secure an exception deal, the types of which you would never be able to find in London because of the buoyancy in the market.
You should know about the Interest cost on your loan. This is going to impact how much your installments will be. A lower Interest cost implies a higher amount of what you pay goes towards the actual property value, growing your equity quicker. Shop around for lenders to ensure you are getting the most competitive rate.
Investing in property in the north of England, can definitely be a sound business move. It provides you assets to place into reserve funds and that you can depend on if you have any financial crisis in this uncertain world.