When you occupy premises, there are three kinds of property contract you can sign. Hover over each option for more information and then click to discover the advantages and disadvantages:
Buying premises is a major step and should be approached with caution. Make sure your organisation takes proper legal and financial advice before proceeding. It is advisable to have a survey, as structural problems with the building become your problems once you own the building.
Suggestions for Finding the Right Premises
Personal contacts may know of suitable premises, or suggest other people to talk to. You could be introduced to another social enterprise prepared to sub-let space, or find someone whose premises you can share.
Commercial premises are advertised in local newspapers and property magazines; North Belfast Business Centre (9074 7470) can refer you to local sources of information.
Belfast City Council are major property owners. Ask for the property or economic development department (Tel: 9032 0202) especially if you are seeking licensed offices or workshops.
Estate agents should respond selectively to your property spec. Many estate agents have specialist commercial divisions. Some now list available properties on their websites.
Agents' fees are generally paid by the landlord or seller, unless otherwise agreed.
If you are looking for leasehold or freehold premises, the search and selection process can be complicated and extremely time consuming.
Consider paying an estate agent to search and negotiate on your behalf.
At your first meeting, the agent can explain the different options and costs.
If you conduct the search yourself, follow a methodical process:
Give agents your detailed spec. Discuss the spec with them, so you all agree what it is that you are looking for and ask them to send you details of properties.
Select the most suitable properties and discuss them on the phone. Annual cost per square foot including rent, rates and service charges is a useful basis for comparison.
Then simply decide which properties to visit.
Top Tip
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REMEMBER: Your business must comply with all sorts of rules and regulations. These include planning permission and a wide range of building, fire, health and safety and environmental health regulations.
These regulations affect you, regardless of whether you license, lease or buy. If you breach certain property regulations, your key business processes could be shut down immediately. Please refer to Module 4 where these important issues are covered in some detail.
