Neighbours commercial lease cost

[tescorank]

So with these odd times in the commercial sector is it possible to see how much a new neighbours lease length and cost is ?

[FazerBoy]

If the lease in question is for a term of seven years or more, then it should be registered with the Land Registry and you can get a copy of it from them.

[JQ]

Ask them.

Tenants should be speaking to each other about these things. It’s important to act collectively when it comes to rent reviews, lease renewals and service charge discussions. One tenant agreeing a crap deal can have a negative impact on all the tenants.

[surveyor]

FazerBoy said:

If the lease in question is for a term of seven years or more, then it should be registered with the Land Registry and you can get a copy of it from them.

Does not always work, LR sometimes redact sensitive information like rent. And you need to know the floor area for it to be any use also.

JQ said:

Ask them.

Tenants should be speaking to each other about these things. It’s important to act collectively when it comes to rent reviews, lease renewals and service charge discussions. One tenant agreeing a crap deal can have a negative impact on all the tenants.

This. When asking usually make it good form to mention that it’s best to make sure that you are not agreeing a bad deal on a rent review / lease renewal as you don’t want to putting costs up form everyone on the estate.

There are some subscription sites which sometimes have reported details, but there is often important information missing like rent free or rent discount periods missing.

[tescorank]

An independent new alternative cafe that personally will go the wall, did ask and said “sensitive” information but believe he paid over the top in the excitement of a new business-Starbucks have nothing to worry about here.

[JQ]

surveyor said:

And you need to know the floor area for it to be any use also.

Which the VOA will very kindly provide and are likely to be far more accurate than that provided by an agent.

tescorank said:

An independent new alternative cafe that personally will go the wall, did ask and said “sensitive” information but believe he paid over the top in the excitement of a new business-Starbucks have nothing to worry about here.

Feel free to drop me a pm with the full postal address and I'll see if I can source the information for you, I have access to various databases, however secondary retail is usually poorly represented.

[skwdenyer]

tescorank said:

An independent new alternative cafe that personally will go the wall, did ask and said “sensitive” information but believe he paid over the top in the excitement of a new business-Starbucks have nothing to worry about here.

There are some areas (Brick Lane in London is one I know well) where the rents were kept high for years by a never-ending series of dreamers over-paying for leases, driving up rents for everyone else. Like clockwork, these new businesses would fail, but only after paying 6 months' deposit at a very high rent. The landlords just re-let to the next dreamer in the queue, and were never out of pocket. The savvier agents knew which day of the week to show properties, with the assurance "yes, every day is just as busy..."

[Chrisgr31]

JQ said:

Ask them.

Tenants should be speaking to each other about these things. It’s important to act collectively when it comes to rent reviews, lease renewals and service charge discussions. One tenant agreeing a crap deal can have a negative impact on all the tenants.

This every time. There is only one person that benefits from confidential deals and thats the landlord as tenants cant share information. If I had a pound for every tenant that has told me they had a good deal that turned out to only be good for the landlord I would have retired by now!

[thewharftrader]

I wish I had known this before and just had the guts to ask. I am pretty naïve at when it comes to leasing commercial property as I only moved into my first industrial unit last year.

Spoke to the neighbour a few times and then they moved out and when asked, the response was that the landlord had put the price up by £25k but annoyingly I never asked to what etc. so I could 1. benchmark my "good" deal and 2. it turns out I would probably like to rent it now and dont know what they were paying before as they have now moved out. With a picture as to what other units in the immediate trade park area have actually gone for (not what the EA is asking) would be great ahead of any future negotiations!