Is association with our classified website, www.classified.advertiser.ie, we look at the things that need to be considered by business owners when renting a commercial property
Are you thinking about starting your own business, or indeed expanding your current business? If so, you may need a commercial property from which to base yourself. Committing to renting a commercial property is a big financial decision, and you need to make sure it is the right thing for your business, and that the property meets all the requirements you need.
+ Lease length – it is very important that you have a clear idea on how long you think the commercial property you are renting will be suitable for your business. A long term lease may not suit if you think your business will grow and that you may need more space for staff or stock.
+ Rent reviews – your landlord will stipulate how many rent reviews he wants within the lease period and he may try to use these as raise your rent, especially if your business is doing well.
+ Termination – If the relationship with your landlord is successful and you are happy with the property you are leasing, you need to make sure that you can renew the lease and, things are not working out, when you can terminate. Many commercial landlords offer a break clause, so you can terminate the lease early. There may also be a provision to sublet, but you will still have some responsibilities so this should be entered into with caution.
+ Buildings insurance – you need to be aware if your building insurance, or any other insurance you may need is included in your rent. If not, you will need to ensure you are covered.
+ Classification of premises – every property will be classified by the county or city council and this relates to what the building is allowed to be used for. If your business does not fit the classification of the building, you will have to ask the council if the the classification can be changed, but they could refuse.
+ Fire safety – You should check that the building is compliant with fire regulations, or you will not be able to use the premises.
+ Health and safety – if the building does not comply with health and safety regulations, your staff and customers may be at risk. If they are injured on your premises you will be liable.
+ Accessibility – your staff, customers and you need to be able to get to your premises easily. You should think about access for moving in and out, deliveries and how easy you are to find. You may also want to think about road access and whether you want to be in the town centre or on the outskirts of town.
+Annual Rates – The local authority sets the annual rates, which is a levy on all commercial property. This is usually paid by the occupier of the property. You need to make sure that you are aware of how much this fee is.
For a comprehensive list of commercial property to rent in Galway, check out www.classifieds.advertiser.ie/property/commercial