Conventional Offices:
Finding and Renting
Finding the right building and arranging a conventional lease can be a lengthy task, but the long-term benefits can make it worth the effort.
To help find the right building, it's often prudent to appoint an agent to assist in your search and negotiate the main terms of your lease. The Heads of Terms are then passed to your solicitor who draws up the documentation.
The basic rent on a conventional lease will range from £10.00 to £65.00 per square foot (psf), depending on location and facilities, and subject to upwards-only rent reviews at the end of each fifth year. Unlike a serviced office, where all the set-up and ongoing costs are rolled into one monthly charge, other running costs must be considered:
Business rates range from £2.00 to £13.00 psf. The level is set by the local authority, based on the rental value of your office multiplied by a percentage set by the national government. You may be able to reduce your liability by instructing a Chartered Surveyor to appeal your rates bill.
Service charges are typically around £4.00 to £7.50 psf. This is levied by the building owner or his managing agent, and includes the basic running costs of the building such as lift maintenance and the cleaning and maintenance of common parts.
Buildings insurance costs around £1.00 psf.
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