- Is it the right area for you and your business? Is it reflective of your brand? Will your target market like it? Is it easy to get to, does it have a nice feel about it, is there adequate public transport and car parking?
- Get financial advice. Can you afford the rent, fitout, outgoings, security bond, insurance, repairs, the make good obligations etc.?
- Make sure you are not paying above and beyond the market. Ask around.
- Be careful. Leases are not all the same and some go way beyond what is reasonable, fair and/or appropriate protection of the landlord. There is also a big difference between a commercial lease and a lease covered by retail leases legislation.
- Read the offer, lease and disclosure statement (if it is a retail lease). Don’t sign unless you understand your obligations and rights. If you are unsure get good legal advice.
- Check with the local council and other authorities whether you can actually operate your business from the premises. Check the zoning and planning requirements and also confirm what permits, licences etc you need to operate your business.
- Negotiate with the landlord, nothing is set in stone. The more you know about the market the better. Your business could benefit from a rent reduction, rent free period, fit out contribution, reduced security bond, longer term, more options etc etc. If you don’t ask, you don’t get.
If the above is daunting, you don’t like negotiating or if you simply don’t have the time, good, experienced leasing lawyers (just like us) will be able to assist in making the whole process a lot smoother and easier for you.
Please contact us if you have any questions. We will get back to you promptly.