“Location, Location, Location” is never more true than in Site Selection
Finding a new, undeveloped property for a project can be the result of the Buyer’s desire to build a new facility where none are currently available, or because repurposing an existing property would not work. It is more complicated than simply walking through an existing building, already zoned for a similar business operation, and picturing your business occupying the property. It requires more time, more vision and more due diligence.
A major key to Site Selection is knowing the local market. Not only does this include finding where lots and land may be available, but also understanding current, local market trends. For example; “What economic trends could impact the subject property and surround areas?”, “Where are the rooftops, and how many are close to the subject property?”, plus numerous other facts largely driven by the buyer seeking the property.
Many of these questions are standard with most property types. However, Site Selection gets more into the “What-if” game. For example “What if the buyer were to use this property for this new type of use?” Typically, the prospective-buyer will need to seek guidance regarding zoning codes because they are not acquiring an existing property currently being used for the same purpose.
As a buyer, be sure any offer submitted for a proposed property is subject to your due diligence, such as securing zoning approval for your intended use. DO NOT RELY ON THE SELLER, OR LISTING AGENT TO CONFIRM SUCH USES. In fact, it may be best not to disclose your specific purpose for the property.
“Always keep your cards close to your vest” and only disclose what you need, when needed. The last thing you need is for the Seller to like your proposed business-use for their property, and begin contacting your competitors to start a bidding war.