Buying a commercial workspace is a significant investment, whether for business use or personal investment. Asking the right questions ensures you make an informed decision that aligns with your needs. From assessing the property’s suitability to understanding financial and legal aspects, this guide will walk you through the top 10 questions to consider before purchasing a commercial workspace.
Onyx is here to help you navigate the decision-making process effectively.
Is This the Right Type of Property for My Needs?
Different types of commercial properties serve different purposes, and it’s essential to choose one that aligns with your business goals.
Key Considerations:
- Operational Requirements: Do you need a light industrial unit for manufacturing, a warehouse for storage, or a hybrid unit with office and operational space?
- Future Scalability: If you plan to grow your business, opt for a flexible workspace that can adapt as your needs evolve.
At Onyx Business Parks, we offer a variety of units, including industrial units for sale in Westpark, Wellington, Skypark 2, Exeter, and Roundswell, Barnstaple, designed to accommodate diverse business needs.
Our light industrial units in Plymouth, Newton Abbot and the first phase at Skypark in Exeter have all proved to be incredibly successful, being 100% occupied, and we have no plans to slow down with providing new and exciting locations for prospect buyers to consider.
Is the Location Convenient for My Business?
The location of your commercial space can greatly impact your operations. A well-located property offers accessibility for employees, clients, and suppliers.
Factors to Evaluate:
- Proximity to Transport Links: Easy access to motorways, railways, or airports is crucial for logistics-heavy businesses. For instance, Skypark 1 and 2 in Exeter are near Exeter Airport, making it ideal for companies with international operations, as well as the M5 for great connectivity to the rest of the UK. All our business parks are located with careful consideration to ensure they will align with a wide range of business requirements.
- Local Amenities: Nearby restaurants, banks, and other conveniences can improve employee satisfaction and enhance client visits.
- Market Accessibility: Consider how close the property is to your target market.
Choosing a property with Onyx Business Parks ensures you benefit from strong road links and a thriving local business community.
What Is the Total Cost of Ownership?
Beyond the initial purchase price, owning a commercial property comes with various ongoing costs.
Consider These Expenses:
- Maintenance Costs: Regular maintenance, such as HVAC servicing or roof repairs.
- Property Taxes and Insurance: Ensure you’re aware of the local tax rates and insurance requirements.
- Service Charges: If the property is part of a business park, there may be service charges for communal areas.
Calculating the total cost of ownership upfront can help avoid unexpected financial strain down the line.
What Financing Options Are Available?
Few businesses purchase commercial properties outright. Understanding your financing options is crucial for budgeting and planning.
Financing Questions:
- Loan Options: What are the available commercial mortgage options, and what interest rates apply?
- Incentives and Grants: Are there local government incentives or grants available for businesses in the area?
- Flexible Purchasing Plans: Does the seller offer flexible purchasing options or lease-to-own plans?
Onyx Business Parks provides flexible purchasing options to suit different financial situations, making it easier for businesses to secure their ideal property.
What Condition Is the Property In?
The condition of the property can affect both initial costs and long-term usability.
What to Check:
- Structural Integrity: Are there any issues with the building’s structure, such as cracks in the walls or foundation?
- Utilities and Systems: Is the plumbing, electrical wiring, and HVAC system in good working order?
- Renovation Needs: Does the property require immediate upgrades or renovations to meet your operational standards?
Onyx Business Parks’ units are brand new, modern and well-maintained, ensuring minimal upfront work for buyers.
Can the Workspace Be Customised?
A significant benefit of purchasing a commercial property is the ability to tailor the space to your needs.
Customisation Considerations:
- Layout Adjustments: Can the internal layout be modified to optimise workflow?
- Expansion Potential: Is there room to add additional structures or expand existing ones?
- Aesthetic Upgrades: Can you personalise the space to align with your brand image?
Our flexible workspaces allow you to upgrade your workspace and make modifications as your business evolves.
What Are the Potential Returns on Investment?
Even if you’re buying for your own use, understanding the property’s ROI potential is beneficial, especially if you plan to lease it in the future.
Key Factors:
- Rental Demand: What is the demand for similar properties in the area?
- Market Trends: How has the property value changed historically, and what are the future growth prospects?
- Potential Tenants: If leasing, what types of businesses would be interested in this space?
Light industrial units in our business parks have consistently shown high demand and strong investment returns.
What Is the Surrounding Business Environment Like?
The success of your business can be influenced by the surrounding business ecosystem.
Evaluate the Local Business Community:
- Types of Businesses Nearby: Are there complementary businesses that could drive foot traffic or partnerships?
- Economic Growth: Is the area experiencing economic development or revitalisation?
- Networking Opportunities: A strong local business community can open doors for collaboration and support.
At our business parks, businesses benefit from being part of a dynamic and supportive community.
How Can This Space Improve My Business Operations?
Ultimately, your chosen space should enhance your business’s efficiency and effectiveness.
Operational Benefits:
- Streamlined Workflow: Does the layout and size of the space allow for optimal workflow?
- Employee Productivity: Can you create a comfortable, modern environment that improves productivity and morale?
- Client Impressions: Does the space project a professional image to clients and stakeholders?
Upgrading to a well-designed commercial property in Devon from Onyx Business Parks can significantly boost your operations and business reputation.
Does the Property Meet My Long-Term Business Needs?
When purchasing a commercial space, it’s important to think beyond your immediate requirements. Ensuring the property supports your long-term business goals can save time and money as your operations evolve.
Key Considerations:
- Future Scalability: Can the space accommodate your business as it grows? Whether it’s expanding production lines or hiring more staff, the property should offer room for growth.
- Adaptability: Is the layout versatile enough to adapt to changes in your business model? A flexible space can be reconfigured to meet new demands without requiring a move.
- Location Longevity: Is the surrounding area poised for development or economic growth, ensuring the property remains a valuable asset?
At Onyx Business Parks, our flexible workspaces in Westpark in Wellington, Skypark in Exeter, and Roundswell in Barnstaple are designed to grow with your business, offering long-term solutions for evolving operational needs.
Be Prepared Before Buying a Commercial Workspace
Purchasing a commercial space is a major step that requires careful consideration. By asking these 10 questions, you can ensure that your investment aligns with your business goals and offers long-term value. Whether you’re a business owner or investor, Onyx Business Parks provides a range of business units for sale and industrial units in Devon and the South West, tailored to meet your unique needs.
Explore our available properties in Westpark in Wellington, Skypark 2 in Exeter, and Roundswell in Barnstaple to find the perfect fit.
The team at Onyx would love to hear from you to discuss your specific requirements in detail. Contact us today for more information.
