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Considerations when choosing an Industrial Unit to Let
Pall Mall Estates Resources section.
At Pall Mall Estates, we are experts on industrial space. Our portfolio includes a wide range of properties across the UK, many of them available to let on flexible terms. With easily accessible central locations available at great prices, we're the company to call if you're looking for a new base of operations.
Industrial property for every purpose
Even within the industrial sector, no two companies are the same. Our portfolio is diverse, offering facilities for almost every kind of company. Give us a call today to find out more.
How should you choose the right industrial property?
If this is the first time you've considered investing in new commercial property, then there are a number of major things you need to consider. Of course, it's always worth picking up the phone and giving Pall Mall a call: we'll be happy to help guide you through.
But if you just want a five-minute guide on what you need to consider, make sure you read on.
Know your requirements
Needless to say, the most important thing you need to do is work out your business' specific requirements. The more precise you are here, the better chance you have of securing a space befitting your company status.
Considering what a substantial investment commercial property can be, the last thing you want is to unintentionally gloss over any of your most important specifications.
Take the time to plan out your requirements for:
- The perfect location. This alone is a major consideration, which is why we put together a whole guide on the topic here. Needless to say, your location can be the deciding factor as to whether your business succeeds or fails.
- Size. Take into account the potential growth of your workforce: it's much better to end up with more space than you initially need than have everyone working in each other's pockets! Thinking longer term, it might be more prudent to go for a bigger space than you need in the short term to enable your business to grow into it organically, saving you precious resource on multiple relocations.
- Specifications and technical requirements. Will you need loading bays or roller shutter doors? Will the doors need to be a certain height in order to accept your deliveries? Will the property allow for easy navigation around the floor? Will your goods vehicles be able to move in and out of the property with ease? Will you require dedicated office space? Those are just some of the questions you'll need to ask yourself ahead of your industrial property search.
- Transport. If you're looking at an industrial property, then we're assuming you're going to be involved with delivering and receiving products. It is therefore important to know what sort of connectivity you need to rail, road, air and sea. Your logistics could suffer heavily if you don't take this into account.
- Parking facilities. This is loosely connected with the above point: presumably you'll need to have parking facilities in place for visiting clients or for those making deliveries. However, it's also important to take into account parking for your employees. Industrial spaces are often found on the outskirts of cities, making it necessary for employees to drive to work. It's important to bear this in mind.
As with all forms of commercial property, it's important to ensure that you know which costs you'll be liable to pay on your new industrial space. These are things you need to consider:
- Business rates. Nearly all companies operating in the UK have to pay this tax on non-domestic properties: it's the commercial equivalent of domestic council tax. For a more comprehensive guide on business rates, you can head to our blog here. It's important to stay up-to-date on business rates, as they can change with relative frequency. Indeed, Chancellor George Osborne has recently committed to a full-scale review of the tax.
- Energy costs. All landlords are required to provide tenants with an Energy Performance Certificate (EPC). This will show you the typical energy costs for the property and will also give you ways in which you can save money. The industrial unit will be given a rating on the certificate between 'A' and 'G', with 'a' being the most efficient.
- Service charges. It's standard for businesses to pay for general running and maintenance of industrial properties. This will include things like water, drainage, electricity and gas. Your landlord shouldn't have any problem providing you with a breakdown of the likely charges, including how they actually calculated. You should also be very clear on any additional costs, such as contributions towards a major improvement and repairs.
- Insurance. Needless to say, it's vital to be very, very clear on who will be responsible for paying the insurance and the relevant premiums. Consult an expert if you are at all unsure about this issue.
- Capital allowance. Your business may be able to claim capital allowance on assets such as equipment, machinery and any business vehicles. If you carry out any renovation or purchasing new equipment for your industrial space, be sure to check this out with an expert: it could save you thousands.
Get in touch
Remember, Pall Mall Estates are experts in industrial space. Give us a call today on 020 8108 7218 or drop us a line using our online enquiry form and we'll help you find the perfect industrial space for your business.
— Pall Mall Estates have a wide range of low cost commercial properties across the UK.