Tessa Smith, Commercial Property Surveyor at Robinson & Hall comments…
The industrial and storage market has seen the largest growth in property rents and has remained the most robust of the commercial property sectors. Over recent years, there has been a growth in online sales following the onset of coronavirus and both retailers and distributors are requiring an increased amount of storage space to facilitate these requirements.
Are my farm buildings suitable?
When considering whether commercial industrial property diversification is an option for you, there are a number of matters you should take into consideration, which include:-
- Access hours
- Additional security
- Lease agreements
- Planning permission and building regulations
- Legal requirements
- Property management
- The tenant’s usage
- Additional insurance requirements
- Required adaptations to the existing farming method and business
- Health and safety requirements
The benefits compared to other diversification options:
- The conversion process. There is a lot less work and cost associated with conversion to industrial/storage use, reducing the turn around time and generating rental income sooner.
- The income generated is all year round and guaranteed during the contract period.
- There is a lot less input and time required by the landlord.
When considering whether your farm buildings are suitable, you could also consider storage containers. These have also increased in demand and may be a smaller initial step into the commercial market.
For more information or to discuss your farm buildings and their suitability, please contact Tessa Smith, Commercial Property Surveyor at Robinson & Hall on 01234 362938 or email email@example.com