Commercial Property Surveying

Informed assistance from a surveyor of commercial property could be one of the best decisions you could make when engaging with commercial real estate—whether that means buying, selling, or leasing. This is especially the case if you’re dealing in property located in Manchester, the Home Counties, or any other of the principal cities of northern and southern England (i.e. Bristol, Cardiff, Birmingham, etc.).

Our panel of surveyors is perfectly placed to act as your informed ally in this process, for they are highly knowledgeable and just as many are equally well-placed throughout the region that borders the aforementioned cities, our panel also boasts commercial property surveyors who are affiliated with the world’s leading professional body for qualifications and standards in land, property, infrastructure, and construction—the Royal Institution of Chartered Surveyors (RICS).

What does a Commercial Property Surveyor do?

Commercial Property Surveyors are professionals with specialized training that enables them to carry out surveying work on different types of commercial buildings, the variety of structures they might work on includes things like apartment buildings, office buildings, retail stores, and warehouse spaces. Generally, they’re hired by either the tenant or landlord (or buyer or seller), as the specific case might be, when they need someone with “boots on the ground” to provide an expert opinion concerning the property in question, some of the tasks include:

Many commercial property surveyors specialize in sectors that genuinely interest them, such as land management; the buying, selling, and leasing of properties; or property design.

Different Kinds of Commercial Real Estate Surveys

The members of the commercial team who work as surveyors provide a variety of property surveys to meet the needs of our clients, the kinds of surveys they perform could include the following:

Building Surveys

An extensive report can delineate and describe each individual physical component of a commercial buildings such a report goes well beyond mere identification of the kinds of building materials used during construction and the establishment of what constitutes a “defect” in a finished building. Most of the time, commercial buildings are completely different from residential ones and are mostly constructed of reinforced concrete, steel, and cladding, this means surveying them requires a completely different approach from what is used for a residence. Your commercial building survey establishes what needs to be done to remedy any problems, and it can justify your request for a lower price as a result of what our team finds out.

Schedule of Condition

Property condition report, often referred to as a Schedule of Condition, states the condition of a property at a certain point in time, typically when a new tenant is taking possession – it is a document that serves as a terrific insurance policy for just about any property owner or developer.
It protects the property owner from having to undertake repairs and pay for damage inflicted by a tenant. The report also protects the new tenant by affirming the condition of the property at the beginning of the new tenant’s term, should the tenant incur any damage during the term of the lease, they are responsible for repairing that damage and making the property whole.

The Gross Rent Multiplier: take the sales prices of comparable properties and divide them by the annual gross rent - the result is a ratio that can be used as a multiplier.
Direct Capitalisation: focus on the net operating income of the property, get a cap rate from the sales data of comparable properties, and adjust that rate as you see fit, depending on the property, its location, and its condition.
Discounted Cash Flow: this is the most complex method - the net income for the property is projected over a 10-year period; then, the income and the projected sale price at the end of that time are discounted to present value.

Cost Strategy

It protects the property owner from having to undertake repairs and pay for damage inflicted by a tenant. The report also protects the new tenant by affirming the condition of the property at the beginning of the new tenant’s term, should the tenant incur any damage during the term of the lease, they are responsible for repairing that damage and making the property whole.

If you are a landlord, the Schedule of Condition can prevent what may well be a very fraught court case at the end of the lease, the document serves as a type of evidence that can save you several thousand pounds, this is especially true if the point you are trying to prove relates to a commercial property in, say, Manchester, London, Bristol, Birmingham, Kingston, or Cardiff.

Schedule of Dilapidations

Usually performed at the end of a lease, the Schedule of Dilapidations sets out the repairs that the tenant must complete, the surveyor can also help guide the parties through the necessary steps to reach a settlement agreement and can act for either the landlord or the tenant when disputes arise.

1. Accuracy: the appraisals provided by RICS Valuers give you a dependable and reliable forecast of the worth of your business property representing it as closely as possible to the current market dynamics.
2. Assurance: complying with internationally recognised standards such as the RICS Red Book provides a high level of professionalism and a good set of ethics within which to operate.
3. Comprehensiveness: surveyors undertake an extensive analysis of all important factors that can affect your property's worth allowing them to provide a that is not just a reliable estimate but a practically valuable one for you and your stakeholders.
4. Possible Perils: identify potential problems arising from the property that could connect to the environment or use.
5. Purpose: an unbiased assessment of the property's value is essential for fair and straightforward contracts.
6. Funding: lenders ordinarily require an RICS valuation when you as a homeowner seek financing or when refinancing for commercial properties. The valuation undergirds the property's value when you mortgage or lend.
7. Negotiation: having RICS valuation to hang on to during negotiations is a potent weapon. Whether you are buying, selling, or renting a property, knowing its true value gives you the upper hand.
8. Law: for taxation and legal compliance valuations are essential. They are necessary for instance when calculating capital gains tax, achieving sensible divorce settlements, and resolving disputes.
9. Strategy: properties are sometimes acquired, disposed of or held as part of a strategic vision for a real estate investment portfolio.
10. Credibility: when a property is put on the market, the price being asked must have some basis in reality. A valuation provides that basis.

The advantages of employing a commercial property surveyor

If you are a buyer, seller, or tenant of a commercial property, it is vital to have your interests protected by a commercial property surveyor, these professionals can help you navigate the sometimes-bumpy road of property transactions and ensure that you are well-informed about your legal obligations.

They work mostly behind the scenes helping to facilitate effective communication between you and the estate manager, problems that could lead to litigation are often nipped in the bud thanks to the surveyors’ efforts. You might employ a commercial property surveyor in various situations such as when you:

If you have an RICS surveyor in Manchester they can support you whether the situation involves lease renewals, rent reviews, property sales, or virtually any other matter concerning commercial real estate.

Surveys of Commercial Property

If you’re thinking of acquiring, leasing, subletting, disposing of, or altering commercial premises in Manchester, you would be well advised to locate a surveyor skilled in the nuances of commercial building surveying – should you spot a defect in a commercial building you can use that information to negotiate an asking price for the property that’s considerably lower than what the seller originally wanted, or you can talk your way out of a bad deal altogether.

Our Manchester-based team of RICS-compliant commercial building surveyors is equipped to handle matters throughout Manchester.

Contact

Our team prioritizes client care above all else. We look forward to being in touch with you so you can instruct a surveyor in Manchester, London, Bristol, Birmingham or Cardiff. You can reach out to us easily. Just fill out our form, and we’ll get back to you with a free quote for your survey. All our surveyors are qualified as members of the Royal Institution of Chartered Surveyors (RICS) and we are one of the UK’s leading providers of building survey and valuation services:

Accredited Professionals: Certified by organizations like RICS, CIOB, and RPSA.
Customized Survey Reports: inspections to meet your specific requirements.
Local Expertise: Deep understanding and specialized knowledge.
Expert Guidance: Professional recommendations and support.

The property survey you commission will be carried out by an accredited professional. Your chartered surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) or the Chartered Institute of Building (CIOB), or will belong to some other industry-standard professional body. Rest assured; you will receive highest quality of professional service for your survey.