Selling Commercial Property

Selling Commercial Property

Depending on the type of commercial premises you are looking to sell there are many different options and avenues we can take in order to achieve a maximum sale price.
Types of commercial property we sell

The commercial sector is segmented into 5 sectors – Offices, Industrial, Retail, Leisure, Healthcare – We sell them all.

Vacant – A vacant sale is swift and straightforward. Along with all the property details, it is in the buyer’s interest to learn when the premises were last let, what was it trading as and the rental it was achieving. The more details provided the more insight any potential buyer will have before conducting their own due diligence.

Let or Multi-Let Property – With tenants on an existing lease, we will market the premises with transparency. The first question will always be, “what is the gross income?” This will be followed by details such as lease length, trading details and individual incomes if it is a multi-let premises. Selling this type of commercial property also has the benefit of providing the new buyer immediate income.

Multi-use Premises – This type of property would consist of commercial and residential units over one asset. If vacant, it is in the buyer’s interest to learn when the premises were last let, what was it trading as and the rental it was achieving. If let, the buyer will be looking for the gross income along with the lease lengths, trading details and AST agreement for the residential let.

We sell & acquire for clients

 Investment Properties

 HMO's

 Vacant Commercial Buildings

 Let Commercial Buildings

 Care Homes

 Retail Property

 Offices

 Development Land

 Unconsented Sites

 Consented Sites

Conditional Sale vs Unconditional Sale

What is a conditional sale?

When a property for sale becomes sold conditionally (C/S), this tells us that the sellers have accepted a buyer offer, conditional upon the buyer being able to fulfil certain pre determined conditions. It is also worth noting that when a property is sold conditionally, the sellers cannot accept any other offers as an option agreement will be put place.

What is un-conditional sale?

The easiest way to explain an unconditional sale is – sold as seen. This means the offer which is accept from a buyer has been on an un-conditional basis. The sale contracts will be signed and the property will be bought as it is. Any planning or change of use that the buyer is looking to achieve will be done in their own time frame.

Option agreements are a contract between the landowner and developer. They essentially allow the developer an option to purchase the land by exercising the right at any time during an agreed ‘option period’ in return for an ‘option fee’.

When the seller accepts an offer on a conditional basis, a deposit is usually paid. The amount will be dependent on what you, as the seller are happy with but usually is around the 5% mark.

The terms of this contract will define the following:

  • Subject to clauses. – (For example – Subject to a change of use, C.O.U)
  • Length of option agreement and additional clauses (long stop completion date)
  • Agreed purchase price
  • Deposit amount
  • Premises Details

If the seller accepts an offer on an un-conditional basis an option agreement is not needed. An un-conditional sale is generally quicker than a conditional sale.

There are two main conditions which are included in the option agreement:

  1. Subject to change of use.
    C.O.U or change of use means that the buyer is looking to convert the commercial premises into a residential development. In order to do this, the buyer would apply to the council for a C.O.U agreement.
  2. Subject to the number of units that can be built. This means the buyer is looking to build x number of units on the site and the sale will progress if they can do so.

If the buyer cannot achieve the required outcome within the time frame of the option agreement or the number of units needed, the buyer may not proceed, therefore forfeiting their deposit.

  • Be transparent. By providing as much information on the property you are looking to sell, we can maximise the number of potential buyers for your premises and also save time.
  • Look at the rental value being achieved. How do they compare with surrounding properties? Review the market to determine the average rent and see how yours compares.
  • Negotiate existing leases. If you’re selling a let property, it is more attractive to a buyer if the leases are longer and not soon to be expiring.
  • Obtain a change of use (C.O.U) agreement yourself. Having one of these already in place can engage a wider audience.

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