01480 213811

Acquisition of Commercial Premises and Land

WHY BARFORD + CO?

Experience Expertise and Local Knowledge

Our commercial agency team has nearly 40 years’ experience and expertise in acquiring commercial premises and land throughout Cambridgeshire and Bedfordshire. We can be of great value to you in the acquisition of your next commercial property and can advise on the following aspects of the acquisition process:

Purchase Price/Rent

Perhaps the most obvious area in which we can offer assistance is in the assessment of the value of the property or properties which may be under consideration. Our intimate knowledge of local market conditions, coupled with our expertise in assessing the implications of the key factors which impact on value, mean that we will able to put your mind at rest as regards the price or rent to be paid for a particular property.

Planning

As planning legislation becomes more complicated and planning authorities’ control and enforcement more rigorous, it is critically important to be sure that the property being acquired has the specific planning permission for the proposed use. It is also important to watch out for planning conditions which might affect value and the ability to use the premises for the intended purpose. Our acquisition service will identify planning issues and the nature of conditions at an early stage.

Measurement

Our acquisition service will involve a full and accurate measured survey of the built floor space of the subject property or site, which will be undertaken in accordance with the RICS code of measuring practice. This is extremely important in the context of the value of the property.

Negotiation

We are experienced in negotiating competitive deals for our clients. This will involve not only taking the appropriate position on value, but also advising on the conditions which might be attached to an offer (e.g. should the bid be subject to planning permission being obtained, a ground investigation report, asbestos survey, structural survey etc being undertaken). The strength of your negotiating position will be determined at an early stage by reference to a series of factors.

Flood Risk/Environmental/Contamination Issues

Environmental legislation means that potentially contaminated land and buildings are a major area of downfall for the purchaser/tenant of a commercial property or site. New regulations on asbestos came into force in 2004. The impact of contaminated land and asbestos in the context of the current environmental legislation cannot be understated. Barford + Co will co-ordinate the appointment of appropriate consultants to ensure that contamination services/asbestos and other environmental issues are identified and fully addressed. Flood risk assessments will be commissioned as appropriate.

Technical/Legal Issues - DDA/Fire Safety

We will establish whether the building has the necessary service supplies and capacity required for the operation of your business. Specialist consultants can be brought in as appropriate. Checks will identify, wherever possible, the position of service routes on site to ensure that these do not interfere with your business operation. This will also enable an assessment of the opportunity for possible future extensions. We will obtain a Fire Risk Assessment and advice on the merits of the property in the context of the Disability Discrimination Act.

Building/Structural Survey

We can, as part of our overall co-ordinating role, suggest an appropriate specialist to work within the team to identify all faults and defects. We will ensure that the cost of remedying such problems is reflected in the price/rent to be paid for the property.

Leasehold Acquisitions

Leasehold transactions can be more complex than freeholds. In the case of a leasehold acquisition, our service will extend to include advice on a range of further issues, including for example - what length of lease is appropriate, how frequently should rent reviews take place, should you enter into a Full Repairing and Insuring Lease, is it reasonable to pay a service charge, what restrictions on use should be accepted, and on what basis you would be permitted to assign or sub-let the premises.

Timescale, Solicitors and Certainty

By undertaking the relevant investigative work in advance of instructing solicitors, you will be proceeding with as much certainty as is possible to have that the deal will progress to a satisfactory conclusion, at the right price and on acceptable terms. Many clients rely on their solicitors to advise on most of the areas set out above. It is our view, however, that it is better to have the principles and the main technical aspects dealt with as fully as possible before instructing solicitors – this will save time and money in the long run. We will involve your solicitor to deal with relevant legal issues as and when they arise prior to formal instruction. Following the agreement of terms, we will remain closely involved in assisting your solicitor in driving the transaction to conclusion.

For more information on acquisition of commercial premises and land, please contact Phil Halmshaw on 01480 213811 or email phalmshaw@barfords.co.uk

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Royal Institution of Chartered Surveyors


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