By RUTH LYNCH
Commercial property is a risky proposition for amateur investors and best left to professionals, an industry expert has claimed.
Tom Entwistle of Landlordzone.co.uk. said it was best avoided as "you’ve got to know exactly what you’re doing".
UK domestic property has seen falling growth rates but investors looking to diversify into the commercial property market have been advised to look elsewhere.
"There’s not as much need for large amounts of office space now with more people working from home," explained Mr Entwistle.
Both markets have struggled from tighter borrowing conditions and a shortage of available cash.
Citizen’s Advice reported it has received a record number of enquiries because of escalating mortgage debt. On the commercial side, some property funds have struggled to return cash to their investors.
He advised that people considering the switch should look away from the new offices in London to smaller developments.
"There are a lot of commercial property investments in the secondary and tertiary markets," he explained.
"Our second time using DeVono and again I was very impressed with the team - friendly, efficient and extremely commercial and honest. They understood the brief and worked hard to deliver the right property for our needs. In what was an unfamiliar area to me, they provided guidance on key issues and negotiated very good terms, highly recommendable."
"It was a pleasure working with DeVono - the team were very professional, knowledgeable and provided the right advice when needed. The most important aspect was that you took time to understand what we were after rather than position everything on the market. I would not hesitate recommending you and your firm."
"We’re delighted to have found a home at Seven Dials Warehouse and a commercial real estate framework that is fit-for-purpose, and one that gives us space to grow in the future. DeVono helped us realise our ambition of providing a sustainable and ‘appropriate’ home."
"With the myriad tools available to brokers, for me, the key ingredient to a successful partnership is how acutely our needs are heard and translated into action. The entire team at DeVono deciphered our ambitions with patience, pragmatism and good humour. Not only did they present options that answered the questions I had, they provided alternative directions informed by their local expertise, which, being based in the USA, was vital for me to be able to make solid, well-informed decisions. I would not hesitate to recommend."
"Having appointed DeVono in March 2016 to find our next high profile London office from 2018, we have not been disappointed with their high level of service and meticulous attention to detail from the very first day, through to signing the Agreement for Lease and beyond. They assured us during the tender process that they would be right by our side all the way through and not just appointed to “do the deal” and this is exactly what we received."
Thank you for signing up to Property AlertsOk