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Leasing a Commercial Premesis

Category Property

Leasing a commercial property can be a complex process, but with the right guidance, it can also be an exciting opportunity to grow your business. In this article, we will discuss the key aspects of commercial property leasing and how to make the most of your investment.

Beneficial Occupation: A key aspect of commercial property leasing is beneficial occupation. This is the date that the tenant takes occupation of the premises but does not pay rent initially. This allows the tenant time to install fittings and fixtures and setup business operations. In order to determine the beneficial occupation date, a lease agreement needs to be signed between the landlord and the tenant prior to occupancy.

Tenant Installation Allowance: In some cases, landlords may offer a tenant installation allowance to help with the cost of fitting out the premises. This can be a valuable incentive for tenants, as it can help to reduce their upfront costs. It's important to carefully consider the terms and conditions of the tenant installation allowance, as it may affect the rental deposit.

Rental Deposits: Rental deposits are a common requirement in commercial property leasing. They are typically equal to one or two months' rent and are used to cover any damages or outstanding rental payments. It's important to ensure that the rental deposit is clearly outlined in the lease agreement, so that both parties are aware of their obligations.

Negotiating a Fair Rental: Negotiating a fair rental is crucial to ensure that both the landlord and the tenant are happy with the terms of the lease agreement. A property specialist or a registered property practitioner can assist with this process and help to ensure that a fair market rental is agreed upon.

Choosing the Right Premises: When it comes to commercial property leasing, it's important to take your time to choose the right premises. This means considering factors such as location, accessibility, and the condition of the premises. It's also important to consider the type of business you will be running, as this will determine the type of premises you need.

Using the Services of a Qualified PPRA Registered Broker: To get the best deal when leasing a commercial property, it's recommended to use the services of a qualified PPRA registered broker. A broker has the experience and expertise to help you find the right premises, negotiate a fair rental, and guide you through the leasing process.

Whether you're looking to lease a new commercial property or renew an existing lease, it's important to consider the key aspects discussed in this article. If you need any further assistance at all, please get hold of one of the specialized brokers at Fundation Property.

 

Author: David Asbury

Submitted 17 Nov 23 / Views 511