So you are looking at how to sell your own commercial property? Selling a commercial property fast can be tricky. High Street is struggling and many of big names such as Maplin and Toys R Us have recently reported financial difficulties.
The covenant paints a picture of profile of tenant, their track record in the business and likelihood of paying the rent in future. Example of a strong lease looks like this:
You have well established name such as Starbucks or Costa Coffee as a tenant on a 25 years FRI (full repair & insure) basis. There is no break clause within the lease. They have strong demand from their customers, they advertise and spent millions of generating new customers and existing customers – and they have millions of pounds of turn over. Their business model clearly works. They are paying a rent that is likely to be paid for the remainder of 15 years. Coffee at Starbucks or Costa costs around £4 or £5 which is affordable for most people.
Many commercial properties are valued based on how strong covenants are in place in relation to the lease of the property for example:
- How long the tenants have been trading from your commercial property?
- Who are the tenants? Are they a High Street brand?
- If tenants are a Limited Company – are they a family business?
- Have the tenants signed a Personal Guarantee?
- Do they own any assets?
- How long is left on the lease?
- Is there a break clause within the lease?
- Wording of the lease – is the lease worth the paper it is written on?
- What is the history of previous leases by same or former tenants?
- Details of rent rolls both recent and past?
- Who is responsible for insuring the property and its repairs?
- Do you have multiple tenants sharing meters?
- What is the condition of property like?
- Are there any service charges involved and what do they cover?
If you are looking to sell your commercial property fast then you will need a specialised commercial property buyer such as Property Saviour. Be careful, there are estate agents or people pretending to be cash buyers of commercial properties who have no cash. In reality, they are estate agents pretending to be commercial property buyers. If in doubt, ask them for proof of funds. We can provide you that!
We can also provide you references of people we have bought commercial properties from – these are real people. You can see testimonials from our customers on our website too. You’ll see these are genuine everyday people, and not paid-for actors like you may see on other websites.
Even you have an inherited commercial property to sell, we will buy it. We buy commercial property without copies of signed leases too – and we are probably the only company to do that.
Property Saviour will guarantee to say yes to buy your empty or tenanted commercial property regardless of its condition. We will pay you a fair cash offer in return for a guaranteed quick sale for your commercial property. We can also give you a cash advance should you need to clear up outstanding bills before we complete. Our average completion timeframe is 19 days from start to finish – and this means that you are in total control. We can give you daily or weekly update on progress of your sale via text message, phone calls or emails whichever method you prefer. We are not estate agents, there are zero commissions to be deducted and zero fees to be paid. Did we mention, we will also pay for your legal fees in relation to sale of your commercial property?
So call us on 0113 320 6700 or make an enquiry now to get started.