October 2, 2015

Buying a Commercial Property in Cornwall – 5 Helpful Tips

There are many different reasons someone would be looking to purchase a commercial property in Cornwall. It remains one of the UK’s leading tourist regions with stunning coastlines, nightlife and history to be enjoyed. 

Whether it’s an occupation, business investment or future development, it’s important that you know what you’re looking for from the start. Cornwall has plenty to offer in terms of commercial value, so here are some top tips for you to follow when looking to buy your industrial or commercial property in this part of the UK.

What Commercial Property Should You Buy?

It’s important that you can tell the difference between and separate what you want from a property and what you actually need. You should list your priorities for your Cornwall-based commercial property so that you can come to a compromise if needs be. While this sounds like very basic information, remember that the dream commercial property you’re looking for is unlikely to appear anytime soon. 

Your Chosen Vehicle

You now need to consider what vehicle you’d like to use, whether it’s limited company, SIPP, personal name and LLP. You should pursue help from professional and those who have been in a similar position before. Remember that any professionals should work to your specific interests and requirements.

Decide on a Budget

Cornwall doesn’t have the cheapest domestic market in the UK and the same can certainly be said for commercial properties due to the major influx of tourists every year. The vast majority will always go into a potential commercial property purchase with a budget, even if they say they don’t have one. There is usually a budget comfort zone though, so you should have an idea of how much you’d be willing to spend to satisfy the requirements you have drawn up. 

Time it Right

The purpose of the acquisition of your commercial or industrial property in Cornwall will determine the timing of your purchase. If you are looking to occupy your commercial property, consider when you plan on leaving your existing property and whether this is flexible. You need to make sure your business transition is as smooth as possible. 

Also, consider whether you can get an advantage on the market by committing to it unconditionally as opposed to subject or planning. It doesn’t matter what drives your purchase, the timing can have a major impact on making a profit or a loss. Acquisition agent are usually the best choice for advice as they know how to assess the market in Cornwall.

Keep Your Options Open

Cornwall has plenty to offer the commercial buyer, so it would be ill-advised to approach your commercial purchase without a degree of compromise. You should try and keep alternative properties in mind when pursuing you’re a new commercial business or investment. 

With open options you can optimise your negotiation powers and also have a readymade contingency plan in case something falls through at the last minute and deadlines need to be met. You also don’t want to put your business operations at risk as a result of a failed commercial purchase. 

Article provided by Hocking Associates; Chartered Surveyors based in Cornwall since 1982 with a portfolio of over 17,000 inspected properties.