Should I Sell My Commercial Property?
If you don’t want the hassle of dealing with tenants, and you need a quick sale, selling your commercial property is probably the way forward for you.
In this article, we’ll explore how to find proceedable commercial property buyers.
Table of Contents
What are the current market conditions for commercial property?
The UK commercial property market has shown resilience despite recent challenges. Office spaces and retail units remain in demand, contrary to earlier predictions. However, market conditions vary depending on location and property type. Before deciding to sell, research local market trends, average sale prices, and demand for your specific property type.
How do I determine the value of my commercial property?
Valuing commercial property involves several methods, including the cost approach, income approach, sales comparison and gross rent multiplier. Professional RICS valuers can provide an accurate assessment of your property’s worth.
The factors above largely influence the overall price. Commercial property is then valued using several different methods:
- Cost – the cost of land plus the cost of construction
- Income – based on potential net income and cap rate
- Sales comparison – based on similar property prices in the area with similar features
- Gross rent multiplier (GRM) – the ratio of the property price to gross income
- Value per door – compares individual unit prices within the property to another similar property
If you want to sell your commercial property in a rush, the traditional route will be unsuitable.
Selling to a cash commercial property buyer such as Property Saviour will be completed in under a month, with funds in your bank. We will also pay up to £1,500 towards your legal fees.
Sell with certainty & speed
What are the tax implications of selling commercial property?
Selling commercial property may have tax consequences. These can include Capital Gains Tax (CGT) on profits from the sale, Value Added Tax (VAT) in certain cases, and income tax on rental income up to the sale date. Consult a tax professional to understand your specific tax liabilities.
Should I sell or lease my commercial property?
The decision to sell or lease depends on various factors. Selling provides an immediate lump sum and removes property management responsibilities. Leasing offers ongoing income and allows for potential future value increase. Consider your financial goals, market conditions, and long-term plans when making this decision.
What documents do I need to prepare for selling my commercial property?
When selling commercial property, prepare essential documents such as the Energy Performance Certificate (EPC), planning permissions, use class certificates, asbestos survey (if applicable), fire risk assessment, details of business rates, and title information. Having these documents ready can streamline the sale process.
How long does it take to sell a commercial property?
The average time to sell a commercial property is about 12 months. However, this can vary significantly depending on market conditions, property type, and location. Using a cash buyer service can potentially reduce this timeframe to as little as three weeks.
What are the steps involved in selling a commercial property?
The process of selling a commercial property involves several steps:
- Communicate with your buyer
- Liaise with solicitors
- Wait for buyer and seller’s solicitors to communicate
- Complete due diligence
- Negotiate terms
- Exchange contracts
- Complete the sale
Each step requires attention to detail and professional guidance.
How can I make my commercial property more attractive to buyers?
To attract potential buyers, ensure the property is well-maintained and presentable. Address any necessary repairs or renovations, remove clutter and personal items, and consider professional staging. Provide comprehensive information about the property and its potential uses. A well-presented property can command a higher price and sell more quickly.
What are the alternatives to selling my commercial property?
If you’re unsure about selling, consider alternatives such as refinancing to access equity, renovating to increase property value, changing the property’s use to attract different tenants, or partnering with investors for redevelopment. These options may allow you to retain ownership while addressing your financial needs.
How do I choose the right method to sell my commercial property?
You have several options for selling your commercial property, including through a commercial estate agent, at auction, directly to a cash buyer, or privately to your current tenants. Each method has its advantages and drawbacks. Consider factors such as speed of sale, potential sale price, and your comfort level with the process when choosing.
How to sell your own commercial property?
If you have time on your hands, you can try to sell a commercial property yourself.
If you’re in a tricky spot with troublesome tenants, or shoddy leases, or you need a quick get-out because your health is failing, we can buy your property for cash within 28 days.
Money in the bank means total freedom from the stress of dealing with tenants.
Where can I find cash buyers for commercial property?
At Property Saviour, we buy commercial properties all the time, so we know the pitfalls and what you might need to consider if selling privately or through an agent .
We are used to dealing with a range of commercial property problems – we buy regardless of :
- Structural defects
- Illegally sublet buildings
- Sitting tenants
- Inappropriate property use class
- Improvement notices issued by the local council
- End of mortgage term
- Commercial lease forfeiture, eviction and repossession
We don’t buy properties on behalf of investors. We buy the property for our own investment portfolio. As genuine commercial property buyers, we have the ability to pay you. We’re happy to provide you with proof of funds.
Property Saviour can exchange contracts quickly without you having to wait months to find a buyer or tenant. As a business landlord, this helps you avoid further losses where tenants aren’t paying their rent. Business rates, rent loss, empty property insurance, and utility standing charges can quickly mount up to a sizeable sum.
It’s a huge decision to make, but it costs nothing to give us a call and chat with our experts about your options and what you can expect, even if you’re considering an auction sale.
We can make you a free cash offer on your commercial property, and we can complete the purchase within a couple of weeks.
It costs nothing to find out what we can offer you for your commercial property.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
