A commercial property leasing agreement can look quite complex, but it’s important to read and fully understand the terms of your agreement. A legal professional or property management expert can help you break this down and highlight the key components. Plus, many landlords can offer additional support in understanding these terms.
It’s very important to know your lease events which include:
This information will allow you to plan your finances and hopefully guide future expansion for your brand.
So, you’ve established your demographic and the right location for your bricks and mortar store, but before committing to a commercial lease, check that the start and end dates fit in with your wider business plan and growth.
What are your obligations to the landlord in terms of repairs, decoration, insurance and service charges? If there are any alterations you want to make to the unit, check that your lease agreement allows for them.
Get to know the property and the area. Does the property use class apply to your business? Does your suggested store design respond to the target audience? Often you can work with the landlord to understand the space and how to use it.
If you are opening a restaurant or bar, you must have a license to serve alcohol. Additionally, the local authority may impose tighter opening and closing times, as well as noise restrictions if you have use of the areas outside the property.
It’s also important to consider your business rates. Rates vary by local authority, so make sure you are aware of the full cost and factor this into your financial forecasting.
When you run a business, the relationship with your landlord is hugely important. Get to know them, communicate and maintain a good, transparent relationship with them. At Sloane Stanley we are keen to embrace and nurture our tenants businesses, as we believe that, in turn, your brand will enhance and enrich the wider estate offering. We are in this together, and we want our tenants to succeed.
Let your landlord know about any changes that might impact the agreement as soon as you find out – this can help in many situations and gives plenty of time to respond to and resolve any issues you may face.
If you are confused by any notices or letters you receive, it’s best to seek professional advice from a solicitor or chartered surveyor.
If you are interested in a commercial space on the Kings Road, Fulham Road and other prime areas in Chelsea. Talk to our commercial property experts – call 020 7349 7900 or send a message to firstname.lastname@example.org.