A profitable commercial property business is dependent on finding tenants. Empty properties are costly, with landlords needing to make regular commercial mortgage repayments without any rental income coming in.
There are five things to consider that will make it easier to attract tenants:
1. Planning permission
The building needs to have planning permission for a number of uses so that you can attract a wide range of tenants.
2. Vehicle access
Potential tenants may want access to the building for lorries. They may also need a car park for staff and visitors. If the property is in a residential neighbourhood they may object to excessive noise from lorries, especially at night and this could stop access. Access and parking issues need to be sorted before finding tenants.
3. Waste management
Some industries make a lot of waste. If prospective tenants are likely to produce waste, there must be somewhere to store it before it is removed.
4. Energy supply
Most commercial buildings will have water, electricity and perhaps gas supplied. Some industrial processes may cause extra water and energy demands. Discuss with the energy companies to make sure that the supply meets the needs of potential tenants.
If the land has been contaminated by a previous owner or tenant, and they have gone out of business, then it is the responsibility of the new owner or tenant to clear the land. Check for possible contamination.
Dealing with these five issues can help your commercial property appeal to a wide range of tenants.