Commercial:

BUYING a commercial property can be a smart move for your business — particularly if you’re looking to own and occupy.

BUYING a commercial property can be a smart move for your business – particularly if you’re looking to own and occupy.

But there are a few key factors to consider before you sign the dotted line.

Colliers International Toowoomba’s managing director, Mr Dan Dwan says it may seem daunting making the leap into commercial real estate, especially if you intend to be the owner occupier, but with the right advice and guidance, the process can be quite easy.

"It is important to firstly consider the location and zoning of the property and ensure that it allows for your business to operate in that location in accordance with council requirements," he said.

"Under the council planning scheme, there is a requirement for specific business types to locate within specific locations. Additionally, some business uses require a particular number of car parks based on the size of the premises or the intended number of staff. Unfortunately, we have seen a number of people caught out, finding out when it’s too late that the property they just bought or leased isn’t suitable for their intended use."

Mr Dwan further commented that it is important to also consider how the size and layout of the property will work for your business and whether any alterations or improvements would be required.

"Fit-out costs can add considerably to the cost of setting up your new business premises, something that is quite often underestimated at the time the initial deal is struck.

"The above questions, are all real factors you need to consider before entering into a commercial contract," he added.

"If the property currently has tenants, the new owner will need to honour any current lease agreements in place and be mindful of any future options available to tenants."

It also always pays off to shop around for the best commercial loan.

"Do your research and find the best commercial loan for your circumstances."

Mr Dawn says if you consider these points, you’ll be in a great position to purchase a commercial property from which to operate your business.

With some expertise, research and the help of experienced professionals, you can set yourself up for a smooth and successful transition into the commercial real estate market.

For further information, please contact Dan Dwan of Colliers International Toowoomba on 0418 799 792.