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Questions about renting a retail shop

  • 01-11-2009 11:26AM
    #1
    spupazza
    Registered Users, Registered Users 2 Posts: 326 ✭✭


    I'm interested in renting a retail space in a commercial center.
    I should contact in the next few days the agent dealing with the rental of the space. I would like if someone could help me to clarifiy some of my doubt before that meeting.
    1)As the economy went down, do you think the price the agent will propose to me will be negotiable? If the answer is yes how much negotiable it could be?
    2)How long contracts for retails unit last? If I get a good price, then this will be re-negotiate every year?
    3) If I rent the retail unit, who has usually to pay cost as the front of the shop (I mean the glasses for the front or build some internal room in the shop or electrical plumbing jobs ):me or the retailer?
    4)In case it's up to me to pay this jobs, where can I look to see how much they could cost?
    5)Usually how many months in advance should I pay?


Comments

  • #2
    mcaul
    Closed Accounts Posts: 1,493 ✭✭✭mcaul


    spupazza wrote: »
    I'm interested in renting a retail space in a commercial center.
    I should contact in the next few days the agent dealing with the rental of the space. I would like if someone could help me to clarifiy some of my doubt before that meeting.
    1)As the economy went down, do you think the price the agent will propose to me will be negotiable? If the answer is yes how much negotiable it could be?
    2)How long contracts for retails unit last? If I get a good price, then this will be re-negotiate every year?
    3) If I rent the retail unit, who has usually to pay cost as the front of the shop (I mean the glasses for the front or build some internal room in the shop or electrical plumbing jobs ):me or the retailer?
    4)In case it's up to me to pay this jobs, where can I look to see how much they could cost?
    5)Usually how many months in advance should I pay?

    1 - legal contracts can take up to 2 months, so if you are looking at trading before Christmas ask for a Christmas Let first - it may be available. Everything is negotiable these days. If the retail store you are proposing could bring extra trade to the centre, you are in a stronger position.

    2. Leases range from 4yrs 9months to 25 years. Most are now aroungd the 20 year mark. In a long term lease (5year up) the rent is set at the beginning fo the term and reviewed every 5 years.

    3. Normal leases mean that you are responsible for everything except the brick walls. Sometimes part of the negotiation involves the lanlord contributing to these costs.

    4. A good builder will give you a quote.

    5. 3 months in advance, though can be reduced to 1 month.


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