The hidden costs of leasing premises...

Hanley

Hey guys. I've been keeping an eye out for the last while for somewhere suitable to put a small strength and conditioning facility/personal training studio in. I think I've found one - 600 sq ft, rent's about €450 a month, and it's been on the market for a few months, there's a number of similar units available.

Any idea on what sort of overheads to expect? Agent said no service charges and negligible (if any) rates. It's a nice unit, looks finished (walls painted and plastered, full lighting and toilet facility).

I'd say it would only have the doors open for 8-10 hours a week initially.

I'm thinking power/electricity, water rates... what else and a rough idea of how much?!

Just having a very early look at things, any advice re: expected costs would be savage because I litereally have NO idea

Stillweak

Sorry I'm no help to you but are you thinking of opening northside or southside.
Good luck with the place.

Pixie Chief

This is just off the top of my head but I would think public liability insurance might be a big one for the list. If you are leaving goods/equipment in there then maybe add insurance for that. Security, possibly? Incidentally, when I say 'big' I don't necessarily mean expensive but definitely important : Oh, don't forget to include costs of travel in your budget...I have done that!

prospect

I have been looking at places too and this is the list of potential costs I have been working from:

Rent
Council Rates (AFAIK you are looking at a very minimum of €2K per annum)
Water Rates
Power
Heating
Insurance
Security

Also, no matter how good a place or how recently renovated it is, you are going to have to invest in things like Branding, or modifying it in some way. You'll want a sign on a few walls, and maybe you'll want to install a main door release switch, possibly move the reception desk to suit you. Pot plants, posters, notice boards, and so on. All adds up.

Best of luck with it.

Hanley

Stillweak wrote: »

Sorry I'm no help to you but are you thinking of opening northside or southside.
Good luck with the place.

The unit I'm looking at right now is northside!

Pixie Chief wrote: »

This is just off the top of my head but I would think public liability insurance might be a big one for the list. If you are leaving goods/equipment in there then maybe add insurance for that. Security, possibly? Incidentally, when I say 'big' I don't necessarily mean expensive but definitely important : Oh, don't forget to include costs of travel in your budget...I have done that!

Did I hear someone say public liability is only around E250?? I have personal insurance already.

Security as in like manned security in the industrial estate? As far as I was advised by the agent, there's no additional costs like that but I'll double check to make sure.

Thanks for the tips

prospect wrote: »

I have been looking at places too and this is the list of potential costs I have been working from:

Rent
Council Rates (AFAIK you are looking at a very minimum of €2K per annum)
Water Rates
Power
Heating
Insurance
Security

Also, no matter how good a place or how recently renovated it is, you are going to have to invest in things like Branding, or modifying it in some way. You'll want a sign on a few walls, and maybe you'll want to install a main door release switch, possibly move the reception desk to suit you. Pot plants, posters, notice boards, and so on. All adds up.

Best of luck with it.

Awesome, thanks!

Is there any way to find out rates online without contacting the council?

Is anyone able to give rough estimations for the above for a 600 sq ft unit?

RE: branding and stuff - yeah I'd considerd that but was kinda budgeting for it in capital costs along with equipment and stuff

prospect

The Auctioneer should have an accurate figure.

prospect

Phone & Broadband.

MyPerfectCousin

Hanley wrote: »

Is there any way to find out rates online without contacting the council?

I'd call the the council. They'll be able to tell you exactly and accurately, including water rates (if any).

The estate agent, in my experience, doesn't really care and will quote you any figure that pops into his/her mind.

hayzer

Id be interested in this too. Viewing a place tomorrow, but would love to know what a ball park figure would be on rates.