November 1st, 2013. Ben Lloyd
Selling for more: Improvements to increase value
If you’re looking to sell your office building then you will want to do everything you can in order to increase its resale value. When it comes to offices many people think that it is only the floor space that matters, but there are many little things you can do to make it much more appealing. Here are some small things you can do that will have a giant impact on the property price:
As mentioned previously, space is very important when it comes to looking for a commercial property. And if this space is wide open that’s even better! Having an open-plan office allows the prospective buyers to picture exactly where they want everything and lets them decide whether or not they want to include walls and partitions at a later date. If you have temporary walls and partitions in place then you should remove these to help increase your building’s appeal.
If the area is still decked out in the old company’s branding and colours then it is a great idea to give it a neutral make over. This will make it feel newer, cleaner and will allow potential buyers to see the space in the best possible light. This is a must-do for any office that hasn’t had a lick of paint or a new carpet for a couple of years, as it will start to be worn out and look tired which can put people off.
Keep it clean
If you have rubbish, junk or broken bits lying around then people will be a bit put off as it will feel a bit run down and desolate. By getting rid of old furniture, any leftover debris, and giving the office a good scrub, you can make the office look clean, tidy and fresh. Making sure your property is spick and span will have prospective buyers tripping over themselves to call their business mortgage brokers in a rush to make an offer.
Does your office have an outdoor area? Make sure that it is properly landscaped and not left overgrown and wild – this has a similar impact as keeping the building clean. If it looks abandoned and uncared for then people looking to make a purchase will want to knock the price way down or simply will not be interested. Giving your grey smoking area a splash of colour or some greenery is a great way to boost your price.
Make sure that you have enough toilets in the office block to adhere to the legal requirements, you can find this information on the government website here. Ensure that these are all working and clean, the more modern the design the more appealing they will be to companies hoping to purchase the property.
Is the building disabled friendly? If not then it is definitely worth spending to make the upgrades as the cost of installation will be minimal compared to the benefit you are likely to see in the sales price. While you may not be able to get lifts in the building, stair climbers and ramps are essentials for the modern workplace.
Article By Ben Lloyd
November 1st, 2013
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben