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On the Move?
Are you considering moving premises? You might be expanding and taking advantage of a buyer's market or looking to relocate to take advantage of a business opportunity. In general the terms on which premises are being let are more 'tenant friendly' then in the recent past and some desirable premises in prime locations are available for the first time in a long while.
We wouldn't advise anyone to go into a complicated transaction without realistic expectations. There are costs involved in moving and it is important to weigh these up in relation to the benefits of relocating. But, if like many businesses, you are in a position to take advantage of a bear market those benefits could be a valuable asset to your business and could give you an excuse for a launch party. On a less fluffy note now your company is established you may be able to avoid personal guarantees you had to give for previous leases and offer other security in exchange for the new lease.
If it's time to renegotiate your lease on an existing property it is worth considering that landlords may well agree to keep the rent static as an incentive to keep you in the property. They may well also agree to payment of rent on a monthly basis as opposed to quarterly thus spreading the costs for you and helping with cash flow.
If you are looking to buy a commercial lease you will be in a good position to negotiate the costs. Premiums and rent free periods are there to be negotiated, particularly if the property is in need of repair or maintenance.
As we said earlier you have to have realistic expectations and what a landlord is able to accept should be kept in mind.
For a free consultation on the above or any commercial matter, please contact Oliver Asha, ACUMEN Business Law Commercial Litigator on (DD) 01273 447067 (Switchboard) 08458 678 978 or via email to oliver.asha@acumenbusinesslaw.co.uk