Leasing retail space: What you need to know
If you’re starting a new business or moving an online business into a retail space, then this blog article is for you. We have put together our top tips for leasing retail space in the UK.
Budget
Before you begin your search for the perfect retail space, you must determine your budget. This will help you narrow down options quicker and keep you from getting stuck with payments that are too high.
There are various factors that can affect how high your budget is such as location, property condition, availability in the area or shopping centre and length of lease term. You should also consider other cost factors such as taxes, utilities, maintenance and property insurance.
Space
You must consider how much space you will need before agreeing to a lease. There are lots of areas within a retail unit to consider other than the sales floor. Make sure you allow room for a stockroom, an office, toilet facilities, additional storage space and (if necessary) dressing rooms.
Search
These days, searching for retail space anywhere in the UK couldn’t be easier. Using websites such as NovaLoca allow you to enter your location, property type, sq ft size range and search radius which provides you with an extensive list of relevant retail spaces.
Once you’ve decided you want to view a property, you can click into the listing and find the agent contact details there. NovaLoca can lead you straight to your new property!
Options
Make sure that you have a handful of options available to view. You may find that a property is unfortunately not for you and will need a backup to get your business moving.
Once you have chosen your space, you will need to negotiate and confirm your lease. It is a good idea to hire a retail-experience lawyer to help with this before you sign on the dotted line!
To get started with your search, click here!
