Take a Tip to Succeed; TIM Catterall, Pictured Right, Partner and Head of Agency, Investment and Development at Sanderson Weatherall, Which Has Offices in Stockton, Gives His Suggested New Year's Resolutions for Commercial Property Owners on Teesside
LAST YEAR was an extremely tough time for the commercial property sector.
We saw the costly effects of empty property rates (EPR), the drafted revaluation of business rates for 2010 causing confusion for many and little respite from the Annual Budget's announcement for commercial property owners.
All this is set against a backdrop of global recession.
So, to give the New Year the best possible start, Sanderson Weatherall are offering some essential tips for commercial property-owners' resolutions in 2010.
Ensure you are getting the most out of every space. Efficiency is the name of the game and proper space planning means floor plates are laid out to offer the best use of space at the lowest possible cost. Introducing a 'hot desk' system into an office space can also be a smarter way to work and help improve occupational efficiency.
Get rid of surplus assets. After working out the amount of space that can be saved by careful floor planning, rent or sell any available stock to raise extra funds. And, with a more efficient use of space, savings will also be made on utility bills.
Get strategic with your space. For multiple property portfolios, such as large retail schemes or business parks, this can involve developing a system where stock is moved around on a regular basis, in order to minimise rates liabilities.
Temporary lettings to charities are also a popular way to manage and maintain dormant units. They are entitled to 80% mandatory rates relief while in occupation, so could save many thousands on EPR.
Firm up your green credentials. Sustainability will be increasingly important for business property owners. Energy Performance Certificates are now essential to confirm your green credentials, which could lead to higher taxation for those that cannot prove their property meets certain sustainable standards, so get green now.
Be as flexible as possible. This applies to both tenants and landlords. Using certain incentives, like five years rent-free, may be a great way to attract people to your property. By demonstrating flexibility on both sides a deal is more likely to be made. …