Office rentals in london
Your business is doing well, and profits are soaring. You decide it is time to expand overseas and would like to have a base office in UK. The first city that comes to mind is the very hub - London. You can rent office space in this vibrant city for a few months or a year or even more, provided you meet the sine-qua-non.
Useful Information about London Office Rentals
You may not be allowed to operate a particular type of business from the rental premises
You will likely have to provide a Bank reference
You need to pay the requisite rent 4 times in the year
You need to pay insurance premium once a year
You have to pay Stamp Duty Land Tax
You may be responsible for interior / exterior repairs, depending on the rental agreement check, if it is included in the service charges.
You may get a few rent-free months if you take a long-term rental of more than 5 years.
Types of Office Rental Premises in London
You can rent a small office unit within a large complex of units in a business centre: This is an excellent option if you want to rent an office for a month or less. For example, suppose you are setting up a booth at an Expo in London. You need a temporary base from where you can take calls from potential customers and meet clients who visit the booth. You can also rent office space at a business centre to market and promote your business. It is thus hugely beneficial for those who do not wish to get into long-term lease agreements. Of course, you may need to rent your own furniture and any office equipment that is not provided as part of the rental agreement. Some areas could have very high rates; maybe up to 500 in an up market area for a single workstation for a month, so keep your budget in mind. Also, find out how comfortable the workstation is in terms of the number of employees. You dont want disgruntled employees working in cramped conditions!
You can rent an independent serviced office premises in a commercial building: This is one of the most preferred options for those seeking 3-4 months (or more) rentals, as all the requisite business-related facilities are provided. In addition, there are no maintenance worries, as these are taken care of by the management.
You can rent an entire floor of office space, or even two floors, or even the entire building: This is for those who have a large set-up with a good staff and are looking to establish a long-term office in London. If you are planning to take leased premises for over 20 years, you will need to pay land registry fees.
You can rent office space with a warehouse on the ground floor: This option is for you if you are, say, in the business of furniture rentals, and need storage space.
Basic Features of London Office Rental premises
Central heating
Air-conditioning
Carpeted flooring
Fluorescent Lighting
Reception area
Security
Open-plan seating or closed cubicles, as the case may be
Basic office furniture (may or may not be included in the rental agreement)
Lift / Elevator
Washrooms
Facilities provided in Serviced London Office Rental premises
Internet Access
Audio-Visual equipment for presentations / seminars
Photocopier
Fax machine
Modem + ISDN
WAN capability
Voicemail
Courier Services
Secretarial Services
Video conferencing facilities
Kitchen facility
Catering services
Basic office stationery
The above-mentioned facilities are some of the main ones offered; some premises also have parking facilities, others include storage amenities, and yet others even have provisions for showers. Many premises have their own security staff and perhaps staff to man the reception desk.
Queries To Ask the Landlord
Is there a minimum term for taking the premises
How much is the security deposit
Is the security deposit refundable once I vacate the premises
Is there an on-site manager to take care of any on-the-spot problems
What are the taxes involved
There are lots of other mind-boggling legal and tax issues, difficult-to-understand terms like Schedule of Dilapidations and Capped Service Charge, aspects covering repairs and refurbishments in short, plenty of jargon to confuse and trap a nave tenant. Then there are other aspects to consider if you are looking for office rentals with a retail store in mind. Furthermore, the author of this article is no expert on real estate / office rentals! For these reasons, you need to hire the services of a really good solicitor who has a thorough understanding of London rental issues and can warn you of any loopholes in the rental agreement. Through him or her, you should get the best deal with the landlord, whether it is for a short term or for a long term.
Some Useful Tips when taking Office Rentals in London
Select premises that is located in easy reach of a subway
If taking premises in the suburbs, opt for premises that have easy train / bus connections to the main city areas.
There should be parking space.
Walk around the area and check out the nearby restaurants, this information comes in handy when you want to have food delivered to your office or you need to take an important client out for lunch.
Dont just click on a listing and be happy with a virtual tour of the premises. Go there yourself!
Costs of Office Rentals in London
Lets suppose you are looking for office space of less than 2,000sq.ft.Mentioned below are randomly selected rental listings. This article is not endorsing any of them. The reader should note that the rates are only approximate ones, depend on the size of the premises, and are subject to fluctuations in the real estate market. You also need to add service charges and relevant taxes.
Covent Garden area: Prices range from 35 to 50 psf. Annual rent is upwards of 10,000.
St. James: Prices range from 65 to 95 psf. Annual rent is upwards of 20,000.
Central London: Prices range from less than 20 to about 35 psf, with locations near the Liverpool station being the most expensive.
Areas North of Oxford Street: Prices range from 40 to 60.
Mayfair: Prices are upwards of about 55.
For more listings, search around the World Wide Web and look up the London Business Directory. Whether you are looking for London rentals of less than 500sq.ft, or more than 2,000sq.ft, there is no dearth of options to hinder your business growth chart. Just retain the services of a good agent!
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