5 Things to Check Before Signing Your Retail Property Lease

Signing a commercial lease is a major commitment for any business and not one that you should jump into blindly. As experienced letting agents in Merseyside and Liverpool, we have compiled this handy list of things you should check before signing on that dotted line.

Rent

How much rent are you expected to pay each year, and in how many payments are you supposed to do so? Another consideration with your rent is whether or not you are being charged VAT on top. As an additional 20% of your rent payments, this can have a significant impact on your running costs.

Legal for commercial use

If you’re looking for shops to let in Liverpool, for example, then you need to be sure that the building in question is permitted for use as retail premises. You should also check that it is suitable for selling your chosen products.

Cancellation

Flexibility is key for any growing business, and what suits your business needs today may not do so tomorrow. Ensure that there is a break clause included in your letting agreement. This will give you the right to cancel your lease early, so long as you give sufficient notice in writing to your landlord.

Repairs

Repairs to a commercial property can be expensive, but most letting agreements put the onus for minor repairs strictly on the shoulders of the tenant. Major repairs and renovations will normally be undertaken by the owner, but be sure that reference is made to it in the contract, and that the difference between major and minor are strictly delineated.

Insurance

Buildings insurance is usually paid by the landlord, who then off-sets the cost of the premium by including it in your rent. Always make sure you have a copy of the policy to confirm the extent of cover included.

At Centaur Properties, we have a number of retail properties available to let in a variety of much sought after locations across Liverpool and Merseyside. Visit our site, or get in touch with the team today for our latest availability details.