Unusual Commercial Properties

[Pinkney]

A bit of a long shot but things are getting a bit desperate.

It looks like we're going to have to move from our present offices. We had been planning for the last couple of years to buy the the old schoolhouse that we work in (we currently occupy one half whilst the owner works in the other) but the owner has suddenly decided that he doesn't want to sell. What's more he's looking to virtually double our rent so I'm trying (without success) to find alternative, but equally quaint property in the locality (we also need more space than we currently occupy and fast, so gritting our teeth and paying the extra rent is not an option).

Does anyone know of an estate agents (website link?) who specialise in unusual commercial properties (to lease or buy)? We're looking for something like an old school house, church, windmill, converted barn or similar. Don't fancy working in a Business Centre / Park but in a village or rural location.

I need something to show the local estate agents the type of thing we're looking for but if anyone knows of any in the North East that would be even better.

Hope someone can help

Cheers

Dan

>>> Edited by Pinkney on Saturday 17th August 13:44

[ninja_eli]

Heres some links to get you started.

www.findachurch.co.uk/

www.property.org.uk/unique/ch.html

Surely if you are on a contract, then there should be set rent review dates and increase ceilings? But if you are not.

>> Edited by ninja_eli on Saturday 17th August 13:56

[Pinkney]

Cheers Ninja,

2nd URL is spot on, definitely something to work with.

P.S. No contract with the guy, but he was expecting to retire at the end of this year and sell the property to us. Now changed his mind (his prerogative) and wants a three year rental contract drawn up. So we're looking for a property to give the business a secure base (no hassle from landlords etc).

[ninja_eli]

Good Luck!!

If you are buying, and can pay cash, consider the tax advantages of buying in the name of offshore co! Also means that no can f**k with the property if your company ever goes down (GOD FORBID).

Interesting choice of premise, what do you guys do?

[mel]

You might also want to think about buying from a director executive pension plan which can invest in commercialproperty but not residential.

[Pinkney]

Rather than the company buying the property, business partner and I were thinking of buying it privately (joint investment) and the business would then pay rent to us, enabling us to draw more money out of the company without paying more tax. Plus if there is a problem with the company (God forbid!) then the property wouldn't be affected. I assume that's right (limited company).

Ninja, we're in advertising and design (same kind of work as MikeyT)

[ninja_eli]

You can purchase in individuals names and charge the company rent, but you will still have to pay tax on the rent you receive (Schedule A income), although you can introduce expenses (on your personal level). Some Industrial buildings get a capital allowance of 4% per annum, completely writing it off after 25 years. This is probably the most practical way, especially if we are talking under £0.5m. You may get some raised eyebrows if you try to establish a rent agreement where it patently looks like you are well overpricing the rent. "Arms Length" rules etc.

Another set up is to establish offshore companies in tax havens that do not publicly disclose shareholder details. If your properties are such that you can charge annual rent of over £150,000, then maybe consider it, otherwise your initial idea is best. Offshore companies can also get complicated and expensive, and risky. Maybe worth a session with your accountant just to confirm that its the best way.

What kind of advertising are you guys into (radio, newspaper etc) as I am currently looking for some publicity for our retail side?

Good luck and good hunting.