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Commercial property (office) lease?

  • 17-01-2022 7:45pm
    #1
    tea and coffee
    Registered Users, Registered Users 2 Posts: 1,843 ✭✭✭


    Wasn't sure what category to put this in.

    Does anyone know anything about commercial leases?

    What length of lease should I be looking at (it's wellbeing business)? What terms? Anything included?

    Should I be looking for a shorter term lease, do i need to take on a "repair and insure", and if so would that generally include the exterior of the building?

    Can i make alterations (easily reversible e.g. painting, curtains, stud wall) to the property?

    Also, how do i determine whether it is good value, and should I negotiate- there are relatively few commercial properties in the area so it's very difficult to compare.

    Any advice appreciated as we're working out of a small home office at the moment.



Comments

  • #2
    silver2020
    Registered Users, Registered Users 2 Posts: 2,045 ✭✭✭silver2020


    Difficult questions and would depend on your circumstances.

    A five year or longer lease gives you rights for further lease if you wish (unless you sign deed of renunciation)

    If you are putting a big investment into fitout, and it's a long term business then a 5 or 10 years lease is good. Ideally have a break clause put in.

    Repair and insure is standard.

    Yes you can do fitout, painting etc etc. Landlord will probably want drawings and know a reputable person is doing the work.


    Cost wise - it's easy to see what similar properties went for in the locality or a similar locality. Google "commercial lease register" and you can search there (it's an official register)

    You may find properties are available but not listed on the usual sites lift daft and myhome. In fact there's a move away from those sites due to the cost, so calling a couple of local agents might be the best way forward.


    A landlord will ideally want a tenant that they are confident will pay the rent and rates and stay there for a few years.


    I've two commercial leases and have met one landlord once and have never met the other. I'm in the buildings 4 and 11 years respectively.



  • #3
    silver2020
    Registered Users, Registered Users 2 Posts: 2,045 ✭✭✭silver2020


    And remember the rent will most likely be excluding vat (you are probably vat registered), you will also have commercial rates and water charges.

    Good to get a solicitor to go over the lease and advise you. (Cost will be about €1200)

    And finally, take plenty of photos of the unit the day you move in and file them away just to have a record.



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