Marstons, the pub and brewing group, has announced it is to cut 2,150 jobs.
There was more bad news today for the UK high streets and the retail commercial property sector as Gourmet Burger Kitchen, the casual dining chain, announced it is to close 26 restaurants which will lead to 362 job losses. The chain, which went through a major restructuring in 2018, was bought out of administration several months ago. Tough trading conditions caused by the pandemic, has been the main reason for this move.
Selling commercial property can be long, difficult, expensive, stressful and inconvenient. Buyers today want to pay knock-down prices for commercial property and give sellers a very hard time. Also, some agents advise owners that their properties are worth more than they actually are just to get the sale instruction and then bring them offers which are much lower than the asking price – I like to call this ‘promising the world but delivering an atlas’. This is why more commercial property owners who are thinking of selling their commercial property are coming to us at Sell My Commercial Property. We offer a quick, hassle free and cheap solution. We talk to property owners like human beings, as in our eyes we are all equal. We are respectful, professional and straight talking. This is why we get repeat business and lots of recommendations.
This is the burning question on the minds of those who own shops. We all know how badly the retail sector and commercial property market has been affected over the past 9 months and the news is going from bad to worse. Over the past week, it has been widely reported that the number of people contracting and dying from corona virus is rising. This is having a knock on affect for the economy and the commercial property market, particularly the retail sector. Unemployment is rising, banks are closing high street branches, landlords only collected 50% of commercial property rents for the period September to December, Debenhams looks like it may disappear from out high streets as they are failing to find a buyer, Vue announced it is to shut 25% of its UK cinemas, Edinburgh Woollen Mill who own Jaeger and Peacocks is on the brink of collapse, HSS Hire Shops are to shut half of its sites, pubs and restaurants are closing at an alarming rate and today it was announced French Connection expects to permanently close more stores in the UK. We at Sell My Commercial Property have seen a huge increase in the number of enquiries over the past 3 months as commercial property owners who own retail shops are extremely concerned abut the future and are committing to sell, even if it means making a loss, before they lose everything. After all, how can these landlords continue holding commercial property if their tenant cannot pay rent and moves out, their shops sit empty, they have to pay empty rates and insurance and they are still having to pay interest on their commercial mortgages and loans.
As at today, 7th October 2020, only 50% of commercial property rents have been collected for the September 2020 quarter, according to Re-Leased. The office, retail and industrial sectors are all suffering as the economy struggles, less people are spending money, people still do not want to go back to the office and are choosing to stay at home and confidence in the economy and the fight to find a cure for corona virus wanes.
Shoe retailer Clarks is preparing to close dozens of its shops throughout the UK in an attempt to rescue its failing business. This is another blow to the high street as shops continue to struggle as a direct result of corona virus and stiff competition from online retailers.
Cineworld, the worlds second largest cinema chain, have announced they are to close all their UK and USA cinemas which will lead to 45,000 job losses. It has 127 cinemas in the UK and all will close this week.
These are just some of the words commercial property owners are using when they have decided they need to sell and start looking for companies like Sell My Commercial Property to help them out. We have seen a flood of enquiries over the past few weeks as property owners start to realize how severe things are and how badly the commercial property market has been affected by the corona virus outbreak. They also realize that unless they sell now, the value of their properties will continue to fall and we may come to a point very soon when there are hardly any buyers left willing to take their properties on. Is it better to sell now at a price which is less than the property was worth at the start of the year but still make a profit or hold on for longer and risk losing the property if things get worse and banks start to repossess properties where landlords no longer get any rent and cannot pay their commercial mortgages?
We at Sell My Commercial Property are very interested in buying high street retail parades of shops. Furthermore, if the shops have upper parts, which have not been sold off on long leases, then we will be even more interested. If you own a retail parade, which comprises as little as 2-3 shops or as many as 20-30 shops, and wish to sell, then we would be very interested in hearing from you.
We at Sell My Commercial Property are getting dozens of enquiries every day from property owners who want to sell their shops and other commercial properties. Many have tenants whose businesses have suffered so badly they can no longer afford to pay their landlords rent. Although leases provide a legal framework concerning certain things tenants must do, including paying rent, you cannot get blood from a stone. Many tenants cannot generate enough income to cover their rent demands and haven’t got any cash reserves. Further, they can no longer afford to remain in their high street shop premises as in addition to being unable to pay rent, they are also unable to pay rates, utility bills, insurance, staff wages and other costs associated with running their businesses. Instead of struggling and making a loss, they opt for closing down and walking away. If you are facing a situation like this, contact us today as we at Sell My Commercial Property may be able to provide a solution to your problem.
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