News

With the combination of rising interest rates and a global energy crisis, it looks as if tough times are ahead for businesses! We will start to see many more vacant empty Commercial buildings going forward as businesses look to reduce their costs. This means that tenants will start to exercise break options and they will not renew at lease end. 

Speaking as someone who set up their business during a recession, my advice to commercial property owners and Landlords would be as follows:

1. Act fast. If your tenant exercises the break option, or does not want to renew their lease at lease end, then contact us immediately. Often, we get to hear about empty premises only when the tenant has gone and that is far too late! We have an extensive database of local contacts available and can start searching for a new tenant straightaway. If you can avoid having an empty property this will save you a lot of money.

• Keep your costs down. Time spent trying to find a tenant yourself is time spent away from running your business. As well as limiting your liability to void business rates, we can negotiate new lease terms with new Tenants and reach a settlement with your exiting Tenant saving you time and money.

• Dilapidations: As soon as your tenant has exercised their break option, or notifies you that they do not want to renew the lease, our Commercial Building Surveying Team can act quickly to independently assess what dilapidation work is required in the building. This can take the form of a cash settlement- or the tenant can do the works themselves -to put the property back into good order ready for the next tenant. Our Building Surveying team can monitor these works for you.

• We can manage your property while its empty. Our Asset Management team will advise on minimising void costs in the form of business rates, electricity, gas, and water etc. They can also provide an important function and prevent your insurance from becoming obsolete or void by inspecting empty premises on a regular basis.

GJS Dillon is an award-winning commercial property consultancy, and our range of services includes sales and lettings, acquisition and business relocation, commercial property management, residential and commercial surveys, valuations, and tenant rent reviews. During our 12-year history GJS Dillon has established an unrivalled reputation for trusted local expertise throughout Worcestershire.

For further information see www.gjsdillon.co.uk or call 01905 676169