Commercial Property Rental

Commercial Property Rental Look Up Local Regulations

The last two years have seen a drop in commercial property rental prices and this has led to many people who have had the dream of beginning their own business to realise that their dream may be affordable.

Many entrepreneurs have finalised their business plans and started searching for the ideal commercial property rental which will suit the needs of the kind of business which they aim to.

For new business owners, finding a commercial property rental can be a stressful time, identifying the right location and making sure that the space is either fitted out with the necessary equipment and divisions or can be modified to suit the specific needs of the new use and balancing all this requirements for the business does take up some time and energy.

The legal work required for a commercial property rental is very similar to residential lettings but lease terms and lease periods differ and a good solicitor will be able to explain all of the important points in any contract and agreement.

The main differences will probably relate to building works, length of the lease and installation of permanent fixtures.

A longer lease is more common with commercial property rentals and this gives the tenant the security of knowing that any works carried out will be cost efficient and fit into a medium or longer term business plan.

Landlords and estate agents also prefer long term leases as this allows them to charge a higher premium upfront and ensures or guarantees the rent on the property for a longer time than a residential property.

Retail premises will usually need to be refitted and decorated to reflect the vision and image of the new business, it will be fairly easy to change the layout of a shop that was previously a clothes shop into a shoe shop but to alter the use of space and existing fixtures from a clothes shop into a cafe? or a bar will be a much more complicated venture which will usually prove to be quite expensive.

Make sure that the building or premises you choose does not have restrictions that would affect your business plans. These restrictions will usually be stated in the contract papers but it is best to a good idea of what you need your premises to have and to obtain written permission that will enable you to undertake any work which needs to be done before signing any contract.

If using a solicitor, inform him or her about you needs and ensure that any refitting that needs to be done is either in the contract or stated in writing and that there will be no local government restrictions which will debar you from un taking your objectives.

It is important to make sure that the relevant council approvals are in place for the planned use of the premises, there are very strict restrictions upon food and alcohol (including off licence sales), opening times and exterior appearance.

Fascias may need to be kept in the original style, and materials, colours and appearance can be clearly defined.

When contemplating commercial property rental in an historic area it may be impossible to change the outside appearance of the property and this can also be true in private owned shopping malls.

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