Introduction to our COMMERCIAL DEPARTMENT
At Boultons we have a knowledgeable and experienced team with a long history of letting commercial space, including Retail units, industrial units and offices.
Our eye catching Commercial V-boards are a mainstay around the town and are synonymous with quality, service and professionalism.
Our team provides in depth advice prior to marketing in areas such as lease terms, planning, tenant suitability and investment management.
The Boultons marketing approach aims to highlight your property and make sure it is presented to the best potential tenants. The marketing approach includes;
- Internet listing on our own website and on Rightmove.co.uk.
- A detailed brochure with multiple photographs, dimensions, description and floor plans.
- Circulation amongst our actively maintained mailing list of potential tenants.
- A highly visible and striking Commercial V-board.
- An individual nominated negotiator to liaise with yourself throughout the whole process.
If you would like to arrange for one of our team to provide a free market appraisal of your commercial property please call now on 01484 515029.
COMMERCIAL LETTINGS – FAQs
What is a Commercial Lease and what does it contain?
Leases are commonly for 3 or 5 years or multiples thereof. A commercial lease will contain many different factors. These factors are known as the “heads of terms”. They include but are not limited to the following:
Alienation – Subletting/assignment – Landlords can prevent the tenant subletting the lease or assigning it to other people.
Break Clauses – Some tenants may ask for a break clause within the time frame of the lease. This would be a specified date in which the lease could be broken, subject to prior written notice. Boultons can advise and negotiate a break clause structure that protects the landlord’s interests.
Forfeiture – Forfeiture clauses help to protect a landlord from tenants that are not paying the rent. Tenants will be able to apply to the courts for relief, which means they are not the last word in rent arrears, however they are a useful tool at the landlord’s disposal.
Planning Use Classes – Each property, whether residential or commercial is classified into specific use by the planning authorities. In commercial property the use class is more important due to the variety in types of businesses there are. Boultons can advise whether a change of use would be required to improve the marketing of the property and whether potential tenants proposed business would fit in with the current planning use of the property.
See our link to the National Planning Guidelines on class uses.
When and how is rent payable?
The Heads of Terms set out in the lease agreement will specify when and how the rent is to be paid, usually they are paid quarterly in advance of each month’s occupation.
What are rent free periods?
Where there is work to be done at the property or the tenant would like a “grace” period, then rent free periods may be an option in commercial leases. At Boultons we always try and negotiate on the landlord’s behalf that if a rent free period is agreed it will be a) offset in the lease so as not to upset the landlord’s cash flow and b) in return for the tenant improving the property.
Rent Reviews – Lease terms in excess of 3 or 5 years are quite often subject to rent review. The most common type of rent review is known as “Upwards Only to Market Rent”. Therefore every 3 or 5 years or a period to be agreed the rent is reassessed and if the market rent has increased then the landlord can serve notice to increase the rent. At Boultons we handle these rent review negotiations for both landlords and tenants.
Am I responsible for repairs and insuring the property?
Repairing obligations – There are two common types of Lease: “full repairing and insuring” and “internal repairing and insuring”. These phrases relate to the tenant’s obligations. It is best practice for the landlord to insure the property and charge this back to the tenant. This ensures that the landlord can sufficiently insure the property.
What if work needs to be carried out?
Works to be carried out – The landlord or the tenant may agree to complete some work to the property either before the letting or at the beginning of the letting.
What happens if at the end of the lease the tenant has not maintained the property?
Although quite rare, if a schedule of dilapidations report is required our team here at Boultons Harrisons Limited has a specialist in this area to assist you if required.
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