New Year, New Lease
Time is Money!
At this time of year, its not unusual for us to receive calls from tenants in need of help with an imminent lease renewal or rent review. They are in a panic: the landlord’s notice was received sometime last year and then buried under a pile of paper or left hidden amongst emails in their in-box. There were good intentions to handle it later – or at least after the Christmas and New Year festivities.
The only problem is that if your landlord has decided to increase your rent (which, in the current market, they often do), there is not much you can do about it unless you have left ample time in which to negotiate. And by ample time, I mean no less than 9 months. This and the services of a professional to negotiate on your behalf, will without doubt give a boost to your cash flow.
Rental increases do happen, but paying what is initially asked for, is not the only option. Make sure you are getting the best possible deal and if you are not sure how to do that, I’d be more than happy to help.
Mike Gray MRICS
Less Is More – 15% off Commercial Property Services
How does our new website measure up?
If you’re anything like me, you simply don’t have the patience to spend valuable time sifting through heaps of copy and clicking copious links to get to what you want on a website. You want to click, instantly see what you need and be in touch with the company within a matter of minutes. No messing about.
So we held up the proverbial mirror, picked our own website apart and gave it a facelift. We hope you will agree that it offers a clean and concise experience for landlords and tenants in search of expert assistance on commercial property services.
Together with our inspired web designers, Blue Flamingo, we’ve cleaned up the home page so that finding what we do and how to contact us is instantly visible. Our key areas of Acquisitions, Disposals, Lease Renewals and Rent Reviews have a to-the-point explanation of what they mean, when they are needed, who needs them and how we can help you. And our new Advice tab offers, well, just that: astute commercial property advice at no cost to you.
We didn’t forget your visual journey either and so worked hard to make the layout easy on the eye. Images throughout the site showcase some of the stunning commercial properties and industrial units our local areas of Twickenham, Teddington and Richmond have to offer. We couldn’t resist snapping a few river views too! Well, when in Rome..
I know there is always room for improvement and I’d welcome your thoughts, so please do leave your feedback here. As a thank you for your time, we are offering 15% off our services until 30thNovember 2018.
We hope you enjoy the journey and I look forward to hearing from you.
Mike Gray MRICS
Square Foot Scruples
Measuring Commercial Real Estate Space
Are you sure the property you are leasing measures up? More often than not, when I am asked to assist a tenant on a rent review for their office or industrial space, I find a discrepancy with the property’s measurements in their lease. Why? Because when leasing the property, the tenant didn’t use an agent, may have been in a rush and assumed the measurements on the lease were right. Wrong. Anything between 5% – 10% variance is common; in monetary terms, on a £100,000 property, this means you are paying £5,000-£10,000 more than you need to per annum.
As a RICS certified surveyor I comply with the RICS Property Measurement Professional Standards (2nd edition, January 2018) and all of my clients’ properties are thoroughly measured before any negotiations start. This month I was delighted to assist a tenant on a rent review and found a discrepancy of 1,000 sq. ft. on a 13,000 sq. ft. industrial unit and I negotiated a substantial reduction to account for the difference.
It pays to be scrupulous about square footage and it always works to get a surveyor to act on your behalf.
Speaking of scruples, packing a punch at a charmingly rustic cupboard-sized square footage, Cwtch* in St. Davids knows how to cook a meal. As a final hoorah to indulgence before trimming down for a 200 mile cycle ride, I chose the Duo of Welsh Lamb. Delicious.
I hope you had a great summer!
Mike Gray MRICS
Spot It & Save It
The Benefits of a Schedule of Condition
In celebration of the end of our glorious (if challenging) heatwave, I am delighted to be writing the first Gray Point newsfeed; something which I hope to circulate regularly and in which I will comment on what I believe, is ‘of the moment’ news and ideas on the commercial property market.
Our hot topic at the moment is what we refer to as the ‘holy grail’ of documents for leased properties: the schedule of condition. Something often rushed or overlooked when renewing a lease, with costly repercussions for you, the tenant. Where commercial leases require you to repair or maintain a property, the schedule of condition provides evidence as to the state of the property when the lease commenced. The two together simply means you don’t pay for what you didn’t do.
There’s no way around the fact that a legally binding schedule of condition, when done properly, is time-consuming and a little costly. In my experience, however, a detailed SOC attached to your lease will save you up to 50% in costs at expiry, when your landlord presents you with their claim for dilapidation on the property. Now, that’s surely worth the initial outlay.
Having helped a good handful of tenants avoid getting caught out this past week, I am heading down the M4 to cast my line into the sea off the Pembrokeshire coast, hoping for a bite or two from a smooth-hound, tope or perhaps even a large bass.
Enjoy your summer.
Mike Gray MRICS