Commercial Property

Commercial property is property that is designed for commercial use rather than residential purposes. So, this kind of property is not one that you would live in as it is designed to contain a business. Typical types of commercial properties include:

Shops
Restaurants
Offices
Hotels

Commercial properties can be new builds (i.e. new office block complexes that are purpose built), may be older existing builds or may be conversions (i.e. when a property is developed to make it suitable for commercial use).

Buying a commercial property will often involve taking out a mortgage although you cannot use a standard mortgage product here as you would if buying a home. In order to buy a commercial property you will need to take out a specialist commercial mortgage specially designed for this purpose. These mortgages can be taken out with high street financial institutions and with mortgage companies that specialise in the commercial sector.

In some cases people and businesses buy commercial property to use for their own business whilst in others they will buy property to rent or lease to other businesses. In some cases people will buy properties that they partly use themselves and partly rent out to other people.