The hard part is over - your concept has been decided, branding is complete, and you've ummed and ahed over locations for a while before finally deciding on where you'd like to set up shop. Chances are if you're like most restaurateurs (unless you have a heap of cash) you will be looking at leasing a site.
A restaurant lease is arguably one of the most important components of your business. And we'll admit we would be bluffing if we said they were always easy to decipher. Terms like contributions, terms, and CPIs, can be especially overwhelming if this is your first time going about the process. That's why we've put together a guide of 8 Things to Consider Before Signing Your Retail Lease.
Always do your homework on the site before signing on the dotted line. Consider if the space was previously a restaurant, and if not what Category 1 works are in place or are going to need to be installed. Things like gas supply, grease traps, air conditioning, and core holes can become some of the most expensive components of a fit out if you have to put them in yourself.
Setting up shop can be expensive. Consider asking your future landlord if a contribution can be provided. This could be in the form of a rent free period or cash toward a fit out. A landlord doesn't want their building to remain empty any more than you want to feel ripped off by a lease. See if you can work together to negotiate a deal that benefits both parties.
The most important advice we can give is to seek legal advice before signing any lease, as there are always clauses and provisions that require the professional advice of a solicitor.
Download the guide to read up on contributions, core works, rental terms, contributions, liquor licenses, bank guarantees, and more!