Diversification of rural buildings can involve a change to a huge variety of uses and can be rewarding for land owners, seeing disused buildings put to a new use and creating a new income stream.
Due to an increase in online shopping over the years, the storage and distribution market remains the most robust in the commercial property sector and has seen an increase in demand in 2023. Where we have buildings to let for storage in rural areas, we are seeing continued demand and increases to rents received. There is also demand for workshops and, despite struggling in recent years, there is some demand in rural offices.
At Robinson & Hall, we can advise on the letting of a property from start to finish. Our commercial team often works with our building surveyors and planners to advise clients on improvements they can make to a property prior to letting to ensure all regulations are met. We can then market the property and ensure that the best rent is achieved from a suitable tenant. Our commercial team manage numerous properties on behalf of landlords and our building surveyors can advise on any dilapidations etc at the end of the lease term.
Prior to letting a property it is important to consider the type of tenant you are looking for. You can then give thought to whether improvements are needed to the property to attract that type of tenant. For example, do they need:
Thought also needs to be given to how the site will be used and whether that will affect neighbouring properties. Factors to consider are:
Once a suitable tenant has been found, we progress to agreeing heads of terms. As well as the items already mentioned, at this stage we also agree the following with the tenant:
At the end of a lease, our building surveyors are often asked to act for either landlords or tenant to prepare or respond to schedules of dilapidations. Recently, a long-established hairdresser on Bedford’s High Street decided not to renew their lease and, having been served a Schedule of Dilapidations by their landlord, turned to our Building Surveying department for advice. Following examination of the schedule, we were able to identify items of the claim that were outside the scope of the repairing covenants of the lease. Eventually a settlement was reached with the landlord’s surveyor at 45% of the original claim.
To find out more about the commercial services we offer, please contact Milena or Stuart.