Tips for selling your commercial property

If you are looking to sell your commercial property, including your high street shop, office or industrial property, make sure you are ready. The most important thing to do is to get a solicitor to advise you on the sale. This can be the same solicitor you used when you bought your commercial property or someone you do not know who has a small office on the high street which you walk past every day. Next you will need to make sure you have all the information your solicitor and the buyer will ask for including the title deeds, information on any mortgage you may have, any leases or licences (if the property has a tenant/s) and details of any surveys which may identify any problems you have had with your commercial property (subsidence, major leaks etc). Once you have all the information which the buyer may ask for, there will be no excuse for the buyer to complete the purchase quickly and smoothly.

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When is the right time to sell my commercial property

The answer to this question is different for different people and all depends on your circumstances. If you are looking to emigrate, need to raise equity immediately or simply want to sell everything you own and retire, then you will clearly wish to sell. However asking someone to predict when the market will crash, or when commercial property values will fall, is crystal ball gazing! We at sell my commercial property have noticed an increase in the number of enquiries we are receiving which we think is due to the threats of hyper inflation, interest rates rising, mass unemployment, supply chain problems, another possibly lock-down and a property crash. So if you have decided to sell, or are simply thinking of selling, we are happy to talk to you.

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Sell My Commercial Property

Sell My Commercial Property buys all types of commercial property anywhere in the UK. Whatever commercial property you own, whether it is a high street shop, office or industrial unit, which you are looking to sell, contact us today. We are very direct, professional, honest and friendly and will make you a genuine cash offer within 24 hours.

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Sell property

It’s interesting that many people who own commercial property and who want to sell property they own, do not know what to do.  This is where we come in.  We are experienced and professional commercial property buyers who can make you a quick cash offer in 24 hours to buy your commercial property.

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83% of high street department stores have closed since 2016

Data recently published by the commercial property information firm Costar has revealed that 83% of department stores have closed since the collapse of BHS in 2016.

Today, only 79 department stores in the UK are open compared with 467 five years ago.  This is extremely worrying for our high streets, the retail market and the commercial property market as department stores, known as anchors, pull people to the high streets to shop which benefits those local independent retailers who are close by.  Further, these department stores have created employment and contributed towards the infrastructures in high streets through the business rates they have paid.  Without these department stores, our high streets are much quieter, less vibrant and more likely to continue to suffer.

If you own a high street shop which you are considering selling, which is either vacant or occupied, contact us today for a no obligation offer.

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The number of vacant retail shops are increasing

Despite the easing of restrictions, the number of vacant retail shops increased during the period April to June 2021.

According to figures from The Local Data Company, vacancy rates increased from 14.1% for the period January to March 2021 to 14.5% for the period April to June 2021.

Shopping centres, high street shops and retail parks all suffered.  The north east has the highest vacancy rates followed by Wales and the north west.

Most believe that more independent high street retailers will be forced to close and the number of vacant high street shops will continue to increase brought about by poor demand, poor footfall, inflation, the threat of rising interest rates, online shopping, Covid and the threat of further lock-downs and the end of government support packages.

 

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High Street Retail

The latest data published by Centre for Cities in August 2021, using mobile phone data from Locomizer and anonymised offline credit card spend data from Beauclair, shows that although some city centres in the UK have seen a slight recovery since lockdown restrictions were lifted, a full recovery is highly unlikely to happen as long as infection rates continue to rise and the threat of further restrictions is a possibility.

Until retailers core customers return, which will only happen once most return to working from their offices, which is looking highly unlikely, high street shops will continue to struggle.

Data shows that some of the worst performing cities in terms of footfall and spend between February and July 2021 were London, Oxford, Manchester, Birmingham, Leeds, Glasgow, Nottingham, Cardiff, Belfast, Slough, Aldershot and Ipswich, most of which are the UK’s largest city centres.  People are still staying away from crowds, have got used to ordering online and are not in a good financial position to enable them to spend.  Also, the bad weather hasn’t helped as well as the lack of tourists, which has hit certain towns and cities such as London, Windsor, Bath, Belfast, Edinburgh, Liverpool, Cambridge, Southend and Brighton very hard.

As long as high street shops continue to struggle, the property market will struggle too.  If shops cannot pay their rent then landlords cannot pay their banks.  This will inevitably lead to values of high street shops falling, rent and mortgage arrears increasing and ultimately landlords evicting tenants and banks repossessing properties.

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Covid is not solely to blame for killing out high streets

Many people blame Covid for all the problems facing the UK’s high streets.  However, this is simply not the case.  Let us not forget spiraling business rates, ever increasing rents, extortionate parking charges, poor infrastructure, retailers moving away from high streets to retail parks, increased competition from online retailers, banks closing branches and supermarkets which sell everything including food, toys, clothes, electrical goods, household goods and much more.

It is not just retailers who have suffered.  Landlords who own these high street retail shops have suffered too.  Many have been left with vacant shops which no-one wants, they have no rent, values have fallen, they need to spend money to maintain, insure and secure their shops even though they are vacant and they have to deal with estate agents who at times charge high fees and make promises they know they cannot keep.  Some landlords are desperate and simply do not know where to turn or what to do.  They do not have the time, knowledge, expertise or finances to turnaround these failing properties and are in need of a solution.  This is where Sell My Commercial Property comes in.  We will buy your property from you and complete the deal with cash and fast.  This is our business and this is what we do.  So if you are thinking you want to sell your commercial property, especially your high street shop, fill in our online property information form and we will get back to you and make you a cash offer within 24 hours.

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Small shops face £1.7bn debt mountain

Small independent high street businesses now owe 4 times as much as they did a year ago.  This mountain of debt has increased primarily due to the pandemic and will only get worse.  These small businesses have only survived as they have had to borrow money from the government, their banks, family and friends are they are digging themselves a hole so deep which will be impossible to climb out of.

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Gap to close all of its UK shops

In another blow to our high streets, Gap will be closing all of its 81 UK shops.

The reason for this, apart from Covid are they failed to adapt to changes in fashion trends, had too many sales, failed to change its image and branding and had too many shops with unaffordable overheads.

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