Turn the business plan into a property brief

Describe the activity, location, floor area, customer or vehicle access, power, water, storage and staffing requirements. Include the budget for acquisition or rent and the cost of fitting out the space.

A shop, office, warehouse, workshop and guesthouse need different investigations. Avoid choosing a site solely because it is cheap or near a busy road.

Check the proposed use and the person offering it

Ask appropriate advisers to confirm title or authority to let, any restrictions and the permissions required for your operation. Check existing occupation, access arrangements and the condition of the premises.

If a business is being sold with the property, separate the land or lease from equipment, stock, trading records, licences and other business assets. Each needs its own review.

Review commercial lease terms carefully

• Length of term, renewal or exit arrangements and any break conditions.
• Rent, currency, deposits, increases, service charges and taxes.
• Responsibility for repairs, insurance, utilities and alterations.
• Permitted use, signage, access and any restrictions on transfer or sharing.
• Condition records at the start and obligations when leaving.

Keep property and business advice connected

Solie Law Chambers can be approached about the property and commercial legal work, subject to agreeing the instruction. Technical surveys, valuations and tax advice may require additional professionals.

Check any advertised incentive against current official eligibility and approval requirements. It should not be assumed to apply because a property is promoted as an investment opportunity.