Your new business premises will play a major role in your success, so you'll naturally want to ensure that the expense you incur is being directed at the right property. At the end of the day, you want to support business success, so make sure you follow these conveyancing considerations for your new office premises.
Make Sure The Property Can Be Used For Your Business
You will need to ensure that your business can be undertaken on the premises without any limitations. This will require a check with your local council. For example, if the property doesn't allow for certain types of machines to be installed for your manufacturing company, then you will need to look for an alternative place for your business. Get your business solicitor or conveyancer to check this with local council before you move into the property.
Check Whether Any Infrastructural Development Could Impact Your Business
Many Australian cities are growing in size and population, which indicates a need for more infrastructure. You will need to make sure that any development projects don't significantly impact your business by reducing traffic while work is in progress. For example, road works and rail lines could reduce the number of people in the area, which could hurt your business operations.
Negotiate Clauses To Protect Yourself From Business Risks
Every business comes with its own set of risks, which could hurt the way you conduct operations. If you end up with lower-than-expected turnover and you don't want to continue on the premises, you should ideally have negotiated a clause to terminate the property's lease without incurring any penalties. Similarly, if regular thefts occur on the property and the property owner doesn't take adequate action, you should be able to terminate your lease without any penalties. Your conveyancer will be able to negotiate these clauses on your behalf.
Cover Rent Increase Discussions
You probably want to use a particular premise for a few years as you attempt to grow your business. This means that you are subject to standard rental increases every year based on your landlord's discretion. To avoid any surprises, you can get your conveyancer to negotiate rent increases, so that you are aware of how much you will need to pay out every new year. You may be able to negotiate lower rent increases with a long-term commitment.
Always consider these factors when opening up your business on a new premise. Hire a competent conveyancer who specialises in commercial properties to ensure you get what you are entitled to.Share
2 April 2018
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