Monthly Archives: October 2018

Things to Consider When Letting Commercial Property

Many landlords stick exclusively to letting residential property, particularly those who are new to it, however there is a lot of money to be made by letting commercial property providing you go about it in the right way.

To help you get started with letting commercial property below are some of the biggest things you need to consider.

Getting the right property

  • Type of property – The first thing you need to decide when looking for a commercial property to invest in is the type of building you’re looking for. A lot of people instantly think of office buildings when they think commercial property but there are many other types of property you can get. Smaller commercial buildings that can be used by shop or restaurant owners can be a very wise investment, particularly if they’re in a good location.
  • Size – The size of the property is obviously a big consideration. Generally the larger the property is the more you can expect to pay. A multi-story office building will obviously require a more substantial investment then a smaller building on a single floor.
  • Location – A good location is vital when investing in commercial property. You need to do as much research as possible and find out what the tenant demand for different types of property is in that particular area. Commercial property can be a big money sink if you’re not able to secure tenants quickly.

Your responsibilities as a commercial landlord

  • Health and safety – As a commercial landlord it’s your responsibility to ensure any property you let out is safe. Things like asbestos, fire safety and repairs to the building are all things you need to take responsibility for.
  • Gas and electricity – Gas and electrical safety are your responsibility as a commercial landlord too. You will need to have both gas and electric regularly inspected by qualified engineers on a regular basis in order to ensure the building is safe. As far as electrical or gas appliances go – they would be the responsibility of the tenant.
  • Maintenance – You will need to make sure the building is properly maintained too. This means if there is any damage to the structure of the building then it falls on you to ensure it’s repaired.
  • Fixtures and fittings – Fixtures and fittings can be a tricky area when it comes to commercial property. Any fittings that were already installed when you let out the property will generally be your responsibility whereas those that the tenant fitted after will be theirs. It’s a good idea to make it clear upfront exactly what is your responsibility and what isn’t in the lease.

How to Make Your Motor Trade Premises Secure

If you have a motor trade business then it’s extremely important that you take any measures you can to make your premises as secure as possible. Unfortunately theft and vandalism are always a risk for business owners but there are steps you can take to help reduce these risks.

Below are some of the most important things to consider –

Have your premises assessed

If you want to find out what the most vulnerable parts of your premises are then you should consider having a full assessment by a security firm carried out. They will be able to let you know exactly what areas of your current security set up need improving. This might be something as simple as getting better locks on the doors and windows of the property to investing in electronic security measures such as CCTV and electronic access control.

Invest in security measures

There are two main types of security measures you can invest in for your premises – physical and electronic. Below is an overview of both –

  • Electronic security measures – The two main types of electronic security measures are CCTV and electronic alarms. CCTV is incredibly useful for helping to prevent crime at your premises, particularly when used alongside security guards. A good electronic alarm system is also a great investment. When getting an alarm for your premises make sure it conforms to British Standard 4737 specifications and ideally connects to an Alarm Receiving Centre rather than just making a noise.
  • Physical security measures – Useful physical security measures include good locks for doors and windows and perimeter control measures such as barbed wire. The latter is particularly useful since it prevents any would-be thieves or vandals from being able to get near your premises out of hours. You might also consider investing in steel grilles for the insides of any windows of your premises.

If your business manages customers details electronically, as a growing number of motor trade businesses now do, then you should also strongly consider investing in IT security measures for your business computers.

Get the right cover

Getting the right insurance might not make your premises more secure but it will ensure that you’re compensated if your business is broken into or stolen from. The best type of cover to get when you want to protect your premises and its contents is combined motor trade insurance.

www.traders-insurance.com traders cover enables you to get combined UK traders insurance quotes from specialist providers very easily.