Our Commercial team look at the how to maximise upper floors for Commercial Landlords
The days of using the roof to house the air-conditioning units is coming to an end and any commercial landlord would be looking to use the roof as a terrace for further development potential; residential or commercial to take advantage of panoramic views to attract tenants.
The upper floors in many town centres have become obsolete over the decades and are currently within retailers’ leases with little or no rent attributed to the upper parts of the property.
Any sensible commercial investor would be looking to re-gear their leases and take back the upper parts so these can be re-let to alternative tenants to maximise the commercial investment or developed into residential use. The conversion of the roof terrace into a penthouse apartment or swanky office accommodation with cityscape views will attract tenants to the building.
Stephen Richards, Head of Humberts Commercial comments “Over the last 3 years we have seen commercial investors developing the roofs of commercial properties, especially within city locations, to provide high quality residential or office accommodation to take advantage of the panoramic views that can be obtained from many city and town centre locations.
The buildings usually come with a roof terrace which would make an ideal garden for penthouse apartments or make ideal entertaining areas for clients of office users and gives occupiers the incentive to take the lower parts of the building.
We have also seen commercial landlords keep the space communally for the building so each of the tenants have the ability to rent out the space for entertaining or meetings.”
Humberts have a range of experienced property professionals and Chartered Surveyors, specialising within the commercial property market and to discuss matters further then please do not hesitate to contact the team.