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Heads of Terms - Commercial Lease

  • 03-03-2017 8:21pm
    #1
    Eve 09
    Registered Users, Registered Users 2 Posts: 16 ✭


    Am in the process of agreeing terms for a commercial lease for a 5 year period. The agent has sent Heads of Terms which includes a rent review after the first two years, if conditions allow to be increased to market rent for similar properties at that time. This is my first commercial lease, so just interested to know if this clause would be standard, and if the timeframe for an increase is reasonable. Thanks


Comments

  • #2
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Go talk to a solicitor. As this is your first commercial lease you need professional help.


  • #3
    Eve 09
    Registered Users, Registered Users 2 Posts: 16 ✭Eve 09


    Thanks - I will be talking to my solicitor on Monday. Well aware that I need professional advice on this. Just got the draft Terms which will be part of the lease late this afternoon and potential rent increases and when those might occur wasn't something I had given a lot of thought to as yet. Thought boards might be a useful source of information from those who have done it before. Thanks for the reply.


  • #4
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Hi Eve - a more detailed answer to your question depends on several factors - the type of unit, location (shopping centre/high st. /country town/city / landlord / planning developments, etc. Do not be afraid to ask questions of the solr., also a chat with a different agent on what is available in the area might also give you some idea.


  • #5
    Eve 09
    Registered Users, Registered Users 2 Posts: 16 ✭Eve 09


    Thanks for additional points - it's high street, mid size town. Street is getting back towards full occupancy after the recession which is good to see. I have been dealing with two agents and have been watching the market locally for the last 12 months. Have the same solicitor for the last 14 years so I know he will keep me on the right path - lots to discuss with him next week.
    Thanks again for your time.


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