There are many pro’s and con’s to repositioning a Commercial asset. You need to weigh out the specifics that pertain to your situation and to your property.
Listed below are just a few of the considerations you would want to address in determining the best approach for your circumstances.
Advantages of Repositioning-using existing structure (just to name a few)
- Existing building can save you money on construction costs
- Generally faster to renovate
- Heritage and historical value and elements
- Increased sales price per square foot
- Value added for community
Challenges of Repositioning-using existing structure (just to name a few)
- Getting approvals can be very time consuming
- Older access, entrance, exits may not work with new business model
- For the most part you must work within the current floor plan
- Must have neighbor buy in, otherwise they can complain about anything causing delays
Watch this video to learn more:
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