Hi all, Hope u can help me out, I have recently lost my job, however got a reasonable redundancy package and wish to start up a business with my partner
I have no clue what to offer for the lease as all are POA, so I have nothing to gauge what is reasonable and what is a rip off.
The area has a population of 2,636 and is 6 miles from Limerick, would have a good passing trade also.
Property has been on the market for well over a year
Any advise would be greatly appreciated
edit: removed Link
Landlord is looking for a 25 year lease, effective fully repairing and insuring via service charge. You don’t want to enter into a lease of that duration without a tenant option to break. I’d suggest a tenant break option coterminous with the first and subsequent rent reviews. You might want to consider a tenant break option at year two or three; in case your business doesn’t pan out as you expect. The LL is willing to offer twelve months rent free. It might be worth while looking for say eighteen months if you agree to sign up to a 25 year lease (with tenant break clauses). LL doesn’t mention rent. I’d guess it’s in the region of €15 per square foot. Don’t be shy about trying to peg this pack toward €10 psf. Don’t forget; by agreeing to sign up to a long lease with a landlord in this climate, you’re the one doing the favour.
Know the units…they will bite your hand off to take one. Dont worry about the terms…get the rent as low as possible. Look for a years free rent as well…im serious by the way…
Just saw the post previous to me. Dont worry too much about lease duration. At the end of the day if your business does not work out the landlord is highly unlikely to pursue you. Blood and stone comes to mind.
I can’t help on what to offer but I can tell that my friend who owns retail stores in Galway city has cut rent by 30% just to keep existing tennants.
He tells me that from their perspective (landlords) it is a blood bath out there.
Good luck with your adventure.
Many thanks for the replies
I went to see on Sunday, The condition of the properties has deteriorated significantly. I can definitely conclude that there is no management company in place.
Got talking to a tenant in a separate development in a better location in the village, she advised me that she negotiated a lease with the Developer for less than €10 per/sqft. There is 1 unit left in the development, might have a go at this one instead