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"To Let (By Assignment)"?

  • 22-02-2009 1:43pm
    #1
    PullMyFinger!
    Closed Accounts Posts: 2,281 ✭✭✭


    Could anyone explain this term to me in relation to a business. Its on a property that previously had a huge asking price for key money, then this was halved and now its just "To Let (By Assignment)"

    So I take it its simple whoever's willing to take over the lease? i.e. no key money.

    Whats the "By Assignment" bit in relation to?

    And yes, alarm bells are going off with me too as to why there is no key money been seeked but Im still curious by the term

    Cheers.


Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Yes, the lease is 'assigned' to you.

    There is also a thing called a 'reverse premium'. There is a sign on a shop on Grafton Street offering the property as being to let with a 'reverse premium'. This is a shocking sight indeed.


  • #3
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭delllat


    antoinolachtnai wrote: »
    Yes, the lease is 'assigned' to you.

    There is also a thing called a 'reverse premium'. There is a sign on a shop on Grafton Street offering the property as being to let with a 'reverse premium'. This is a shocking sight indeed.

    reverse premium as in theyre willing to pay someone to take it on?


  • #4
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Now you have it. Welcome to 2009.

    However, you will need to have a 'good covenant' in order to get a reverse premium, in general.


  • #5
    deepriver
    Registered Users, Registered Users 2 Posts: 346 ✭✭deepriver


    landlords need to seriously revise their rental rates... took a pretty comprehensive stroll through dublin city centre recently and there are a shocking amount of shop closures... I am guessing a huge amount of lunch food businesses and restaurants are going to bite the dust in the near future as the recession kicks in and people revert to the good ol days of a packed lunch...


  • #6
    gnxx
    Closed Accounts Posts: 228 ✭✭gnxx


    Have you tried renting a property recently? Spoke with agents recently in relation to a short-term lease ( 4y9m ) and was offered 12 months rent free.

    You can get great deals at the moment. Look for rent-free period on leases or refund of fit out costs.
    deepriver wrote: »
    landlords need to seriously revise their rental rates...


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  • #7
    deepriver
    Registered Users, Registered Users 2 Posts: 346 ✭✭deepriver


    gnxx wrote: »
    Have you tried renting a property recently? Spoke with agents recently in relation to a short-term lease ( 4y9m ) and was offered 12 months rent free.

    You can get great deals at the moment. Look for rent-free period on leases or refund of fit out costs.

    yea but has the base rate come-down after the free period? Here in Toulouse (France) at the moment and I am amazed at the amount of small independent retailers (clothes, art, jewels etc) flourishing here, they wouldnt last three months on dublin city rates, seems only international multiples can survive on Irish rental rates which is a poor situation for the consumer


  • #8
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    I have a commercial property to let right now and I have to say, I have my pick of tenants and that's without even advertising (well, a handwritten TO LET sign and a phone number) so it really depends on location. I'm sure the city centre rents have been inflated for a good few years now and must surely fall but if the location is unique with no other scope for commercial activity, then there still seems to be demand from prospective tenants for a good location with footfall. Off the beaten track locations will tumble in rents but businesses in these places will really struggle now. Location location location.


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