The British summertime has been far from an uninterrupted heat wave in 2016, but for the most part the conditions have been dry enough to relieve the flood risk on commercial property for sale or rent.
However, with the second half of the year well underway, the weather should get increasingly unsettled towards winter, making it important to know how to protect commercial property against flooding, and how to respond if excess rainwater does get in.
The Association of British Insurers says 89% of commercial insurance customers have had claims against flood damage in the winter of 2015-16 partly or fully settled, but that still leaves more than one in ten out of pocket as yet.
When buying commercial property, look for flood-resilient measures like electrical sockets positioned higher on the walls, and floors made of materials that can be cleaned rather than replaced.
On the one hand, these may be welcome measures when viewing commercial property for sale, but they may also act as warning signs when buying commercial property where you did not realise there was a flood risk.
When viewing commercial property to rent, the same resilience measures may be welcome, while flood-resistant additions like non-return valves on bathroom drains can also help to stop rising waters from making their way back up pipes.
Commercial rental property will usually qualify for immediate rent and business rate relief if it is affected to the extent that it can no longer be occupied – but of course when planning commercial property investment, you will want to focus on premises that are less likely to be flooded in the coming winter.
One final thing to consider, in light of the unpredicted floods that hit new areas each year, is to incorporate flood-resilient measures into commercial property development even in low-risk locations – this may help you find new tenants for commercial property to rent in the coming years, as well as potentially enabling you to negotiate lower buildings insurance premiums.
