(image: pitr and Open ClipArt)
Is there a right time to buy commercial property, or should you continue renting? That is a question that businesses tackle at the end of every annual lease. But with recent developments in Newport, could now be the time to buy in South Wales?
Newport is the latest hotspot for regeneration work, and the future of commercial property here looks bright! Visitors to the city will see that Fairs Walk shopping centre is under construction, as well as its neighbouring project of a cinema and restaurant quarter.
And with Admiral’s new 80,000 sq ft home located in the city centre, there is sure to be a big draw for businesses to relocate to the area. Along with the possible University of South Wales development and the Newport Now BID, Newport is become an ever more desirable city.
The Director of M4 Property Consultants, Dan Smith, has said:
“We are experiencing increasing enquires for freehold commercial property across south Wales, but particularly in Newport. There seems to be increased confidence in Newport and the surrounding areas, resulting in companies willing to take a long term commitment by purchasing a property.
With commercial property prices still low compared to pre-recession prices and interest rates still at an all-time low, many of these companies are finding that in some circumstances it can actually prove cheaper to buy a property and pay a mortgage each month, rather than paying rent. With confidence in the area on the rise, now could be a good time to buy commercial property, as greater demand will lead to higher prices.”
Whereas our very own Director, Ben Lloyd, thinks financial services can help. He commented:
“In recent times businesses have struggled to find and structure solutions to access finances to purchase commercial property. The key is knowing which lenders in the commercial finance are active and not just approaching your high street bank. Knowing how to present your case to potential lenders is also crucial to make their decision to lend as easy as possible.
We are experiencing increasing enquires from businesses looking to gain finances to buy freehold properties and have an excellent success rate in finding suitable solutions for them. Lenders are keen to lend to trading businesses more so than investors. With interest rates as they are, it is a good time to buy commercial property in Newport or elsewhere.”
Are you considering purchasing commercial property in Newport or elsewhere? Thenspeak to Pure Commercial Finance about your monetary options. It may just be the perfect time to buy.
