Sell My Commercial have recently purchased a large number of high street shops, offices and houses and flats with sitting tenants.
We are here to assist property owners who want to sell and need to sell and who are fed up with estate agents who promise the world, underdeliver, charge exorbitant fees and don’t give them enough time and attention. We at Sell My Commercial Property take the pain and aggravation out of selling property and provide property owners with solutions to their property problems.
An M&B spokeswoman said: ‘As announced in September, M&B re-opened the vast majority of its estate, approximately 95 per cent, after the first lockdown ended. ‘The remaining sites have been under review on a case-by-case basis since and we have taken the difficult decision not to reopen some of these sites”, according to the Daily Mail. The sites which they have permanently closed will have devastating consequences on landlords who will be faced with vacant properties which in this climate will be extremely difficult to re-let.
The boss of Britain’s biggest nightclub operator has warned landlords that the company faces collapse unless a sale is agreed imminently – putting more than 1,000 jobs at risk – telling landlords it will have to close unless they agree to rent-free occupancy of its nightclubs. This is another example of how owners of commercial property, especially ones with tenants in the leisure and hospitality sectors, are seeing the value of their properties fall.
This article is different from most of the others in that it concerns residential property and specifically sitting tenants.
As well as buying all types of commercial property, we at Sell My Commercial Property also buy houses and flats. We are very experienced at buying residential properties with sitting tenants and are keen to buy more. This is a very specialized area and one which not many understand. We will buy any house or flat which has a sitting tenant who occupies the property under either a regulated or assured tenancy. We will also buy vacant houses and flats and ones which are occupied by tenants on assured short hold tenancies (AST’s).
Fashion chains Peacocks and Jaeger have today fallen into administration, putting more than 4,700 jobs and almost 500 shops at risk. The retailers, which were both part of billionaire Philip Day’s EWM Group retail empire, confirmed today that they had appointed administrators from FRP Advisory.
It is very sad when we hear about retail businesses closing down and people losing their jobs but no-one ever mentions how this affects landlords and property owners. We at Sell My Commercial Property are getting more enquiries now than ever before where landlords who own high street retail shops have lost their tenants and lost their rent and now have to sell, even if it means making a loss, to preserve at least some of their equity. For example, we received a call last week from a very sweet lady who bought a high street shop with a 1 bed flat above in a small town in Essex about 3 years ago for £390,000. She took a £300,000 mortgage and put in £90,000 of her hard earned savings. When she bought the property it was vacant but she soon managed to find a tenant to take the shop and flat and pay her a rent of £30,000. When she contacted us, she explained that her tenant had stopped trading in March and was unable to re-open in July. Therefore, she had not received any rent for 7 months and could no longer afford to pay her mortgage. She had been contacted by her lender who demanded that she pay her arrears and who said that if she was unable to do so, then she faced having her property repossessed. Further, she was told that as the property was now only worth £290,000, she would lose all of the £90,000 which she put in. When she contacted us, she was extremely emotional and upset and said she didn’t know what to do. A local estate agent had told her that they would market the property at £300,000 and hoped to achieve around £290,000. However, they wanted £1,000 up front as a marketing budget, quoted her a sale fee of £5,000 and said in this climate it could take at least 6 months to find a buyer. These are the reasons why she contacted us. We made her an offer of £310,000 in 24 hours, exchanged contracts 3 working days later and are completing next week. She is now able to repay her lender, keep some of the money she put in and put all of this stress and upset behind her.
Revolution Bars have had their CVA approved to close 6 sites and reduce their rent on 7 other sites. This is a further blow to landlords and the high street and another sign that those in the hospitality sector continue to struggle and face a very bleak future.
We at Sell My Commercial Property will still buy pubs, bars, restaurants, clubs and any other business in the hospitality sector especially if the property is occupied and the tenant is still paying rent.
Sell My Commercial Property continue to buy high street retail shops.
We have had a busy month and added several high street shops to our portfolio. We recently purchased a MOT center in Walthamstow, a parade in Watford, a shop and bungalow in Maldon and a car site in Hertfordshire. We are also in the process of buying several other high street shops, parades and restaurants mainly in the south.
If you own a shop, which is occupied by a tenant who is still paying you rent, and want to sell, contact us today.
Who buys commercial property is a question on lots of peoples minds as the market continues to see a raft of retail failures and prices for retail shops and commercial property in general continue to fall. The answer to this question is simple – we at Sell My Commercial Property are still buying all types of commercial property including high street retail shops.
Edinburgh Woollen Mill has been placed into administration while owner EWM Group continues trying to strike a rescue deal to save its other brands. This is yet another high street casualty and blow to the commercial property market.
This is a topic which can be widely debated and take an extremely long time to write about but for the purposes of this article we will keep things simple and brief.
The impact of COVID-19 in the short term is clear. There has been huge volatility in GDP, huge volatility in the stock market, huge job losses (and more to come) and unprecedented spending by the government which will continue, plunge the country further into debt and somehow need to be repaid. Just as importantly as all of this, there is great uncertainty, a lack of confidence and a reluctance to invest.
How does this translate to the commercial property market? Quite simply, ‘badly’!
The commercial property market is badly affected by weak consumer spending, a lack of confidence, rising debts, companies refusing to expand and invest, bank refusing to lend and volatility in the stock market. Since we are currently seeing all of these, the commercial property market is struggling and faces a bleak future. It is clear to see that tenants in shops, offices and industrial properties are refusing to or simply cannot afford to pay their rent, vacancies are increasing, people are not going into the office or visiting their local high street shops through choice and lockdown and no-one knows what the future holds from one day to the next. All this is causing commercial property rents and values to fall and the number of transactions has fallen considerably.
Life will go on and the market will continue to trade but people have to accept that things have changed.