Guide To Finding Prime Locations in Australia
Do you need help finding the ideal retail space for lease? A clear and forward-thinking mindset can help you make better decisions for your business, given the many variables that come into play.
Your rent is arguably one of your most significant overheads, so it’s a decision you want to take seriously. Finding a space that aligns perfectly with your goals doesn’t have to be overwhelming. To simplify matters for you, we have broken the process up into 3 key stages:
Stage 1: Preparation
Strategy Development
Having a team of specialists, including a real estate broker, architect, and financial advisor, who can advise you is important if you want to stay updated with the dynamics of your industry, retail trends, and zoning regulations. When crafting your business blueprint, ensure that you incorporate your specific needs. By doing so, you will have a solid foundation for success. Include:
- Detailed business model
- Identify your niche target market
- Estimate the operational requirements
- Set a rental budget
Legal Considerations and Compliance
The Commercial and Retail Handbook, guided by Australian legislation, outlines the rights and duties of commercial leasing. Staying current on legal responsibilities becomes crucial for adhering to laws and protecting your best interests as a tenant.
Stage 2: Strategic Location Selection
To find the best location for your business:
- Focus on prime locations that are easily visible and accessible.
- Create a checklist of potential rental spaces and stay open to alternative options, such as new developments.
- Conduct thorough research on the socio-economic characteristics of potential areas, ensuring alignment with your business objectives.
- Based on current statistics, evaluate occupancy cost percentages and sales per square meter to forecast yearly performance.
- Shortlisting your top 5 stores to schedule virtual tours and on-site inspections.
- Go through your checklists with your team for a thorough evaluation.
Lease Negotiations
Your lease will affect your business’s growth and long-term success. Determine the appropriate store size, set a budget, speak to your broker about any key lease terms you may not understand, and negotiate for favourable conditions. Learn how each lease agreement impacts your business’s operational expenses and flexibility.
- Gross leases offer predictability and simplicity, making them attractive for businesses with limited financial expertise or those seeking stable monthly expenses.
- Net leases, particularly triple net leases, transfer responsibility and risk to the tenant, requiring careful financial planning and considering potential cost fluctuations.
- Modified net lease balance predictability and cost control, depending on the specific split of expenses between landlord and tenant.
Stage 3: Securing and Establishing Your Retail Space
Sign your lease document and complete all necessary formalities, including security deposits and licensing. Finally, collaborate with an architect to design and construct your retail space, then prepare for your grand opening.
Partner with Us
Lease Wise adopts a data-driven and client-centric approach to finding the best retail properties in Australia, combining expert negotiation, meticulous lease execution, and continuous lease-related support. By partnering with us, you will have access to a team of experienced professionals who offer in-depth market insights and strategic foresight.
Ready For Retail Success?
Contact Lease Wise today to secure your retail space for lease, negotiate the best terms, or set up your dream space. We are here to guide you every step of the way. Let’s shape your retail future together.