Types of Commercial Properties

Types of Commercial Properties

The following are common types of commercial properties:

i. Shops
ii. Offices
iii. Filling station

i. Shop

These ranges from kiost to standard shop unit to departmental store and it may vary from small shop, with upper floors in secondary position likely to let at rent of few hundred of naira per annum. To out of town hyper market with floors areas at thousands of naira per annum.
Shop properties may be rent valuable base on good location, road and well maintenance Briton (1991).

Nature of Shopping Centre

Shopping centre is defined as a group of retail stores planned, developed, owned and manage as a unit.

Spectrum dictionary defined shopping as the activity of visiting the shops. Shops are depended upon the spending pattern of those living within their catchments areas, which depend critically upon their size, age distribution, and income level of their population, the transportation system and the degree of competition, generated by rival shopping facilities required in area in regard and its geographical distribution is largely determined by economy characteristics of the population to be served; the transport facilities available and the range of the service to be provided.

Types of Shopping Center

1) The local or neighbor center
2) The district of or community center
3) The regional or main center

1) The Local Center: – The center serves as an area within immediate walking distance (road) and up to ten thousand (10,000) people, with a convenient goods and services. It is essential to determine it distance from the customer rather than attractive in term of price center.

2) District Center: Between the local and regional center lay are district center with catchments areas of about forty thousand (40,000) people these provide for convenient goods more comparism than the local center and durable goods less than regional center so that their draw depend on a balance between road travel distance and cost / assortment attraction.

3) Regional Center: The regional center drawn up a certain area of at least one hundred (100,000) people and comparism great number and variety of shop competing within another by low price and range of assortment. It contain a complete range of shop selling durable goods and it coincided with the center of commercial and industrial expansion in its region. Richmond (1984).

ii. Offices

The types of premises used as offices may mixed converted dwelling-house part of a mixed development of purpose- built office accommodation.

In areas where restriction on the provision of new accommodation are imposed demand will increase for existing office space and rental will increase evidence can be found in the central areas of Lafia.

The following are the relevant where assessing rental value and considering the accommodation as rental value and considering the accommodation as an investment medium.

1. The premises must comply with the offices and shops.

2. Good road and services (water, electricity that means the land lord should provide certain service such as lighting, heating. Carpeting porter age and lift. The cost may be recovered as part of the rent or as a separate services change collected each six month or annually.

3. If the building is let to a number of tenants, it may command more rental value than if let to a single tenant. However, the extent of management by the land lords prefer to let to a single tenant of good standing.

4. The term of lease may differ considerably if offices in a building are let to several tenants, the landlords may retain responsibility for repairs of the structure and common part of the building.

5. In high rise buildings rent may vary from one floors to another. For example the lower floors may be considered to have more prestige value than upper floors, although this will depends upon the quality of the building and efficiency of lift services, Richmond (1984).

iii. Filling Station

According to Wikipedia a petrol filling station is a commercial property or facility who sells fuel and engine lubricants for motor vehicles. The most common petrol station sells product like gasoline, diesel fuel, petrol and also provides services such as electric energy. It also contains supermarket, discount super stores, warehouse clubs, or traditionally convenience stores, filling stations provides all this services in it premises.