Leasing new business premises
Published on
2010-12-07T00:00:00
Choosing to lease new business premises is a significant
step as your rent generally represents a significant chunk of your
monthly overheads. It is important you are sufficiently aware of
the process of securing commercial property for your firm.
Before signing on the dotted line you must be 100 per cent sure
that the new premises are right for your current and future needs
to enable your business to flourish and expand. It is said that two
thirds of all new businesses fail within the first three years, so
beware of the length of your lease and the legal implications of
terminating it.
There are a number of important differences between renting
residential property and commercial property. In fact commercial
tenants have far less protection than residential tenants, with any
lease agreed effectively binding on you and your organisation.
Securing a commercial lease is open to negotiation on almost every
level, so ensure that you have legal advice close at hand. Take a
qualified surveyor or solicitor out for a cup of coffee and allow
them to interpret the terms of your commercial lease in layman's
terms.
With any new business plan it is advised to consider introducing
a break clause which gives you a much needed safety net in the
event that things don't go as planned. A break clause allows you to
terminate a commercial lease after a certain time period whilst
having the option to remain in the property.
When negotiating the length of your commercial lease it is
widely accepted that the longer term you commit to the lower the
rent you will pay. You should also be prepared to factor in a rent
review after a set period of time as rent can
fluctuate depending on the prosperity and demand of your
location.
Looking to rent new business premises? Our retail space provides customers with low
cost, high value commercial property that is fundamentally sourced
due to its strong location.