IT IS cheaper to buy a commercial property in the Vale of Glamorgan than in most of Wales, a new study has revealed.

The study conducted by Bionic revealed that the cost to buy or rent retail, hospitality, and office spaces across the county was not only lower than the Welsh average but also below than the UK average.

The study found that the average cost of purchasing a commercial property in the Vale of Glamorgan is 30 per cent lower than the Welsh average at £294,586. This is also 47 per cent cheaper than the UK average of £560,913.

Penarth Times:

However, office rental prices are 41 per cent higher than the Welsh average in the county despite, retail space prices being 19 per cent lower Welsh average, and Leisure and Hospitality rental prices being 24 per cent lower than the national average.

Comparing rental and mortgage costs, the study states it could be cheaper to buy than to rent for businesses.

The average monthly mortgage repayment for commercial property in the Vale of Glamorgan, based on current interest rates, is approximately £957, while the monthly rental price for commercial property in the area is £2,297.

Penarth Times:

Business Comparison expert at Bionic, Les Roberts said: “Although commercial mortgage rates are continuing to rise, being tied to a lease is especially risky during economically volatile conditions as many leases increase in line with inflation, which currently sits around 8.7 per cent.

“Not only does buying give you full control over the property, but it means costs can be fixed, removing the risk of payments increasing.”