Select a Great Cafe Site
I’m happy to be guest blogger for this latest ‘how to’ blog by Grace Interior Designs. My name is David Frankel, Commercial Property Manager, Nelson Alexander. At the moment, I am undoubtedly seeing an increase in premises being secured for hospitality purposes within the Melbourne property market. I’ve observed that an increase in population and changing lifestyles are driving the surge in food-service businesses. These are just a few of my expert tips to assist with selecting a good commercial site for your food dream;
- Location – The location and visibility of a commercial site is paramount in the success of your business. Acquiring a retail shop in a centre or strip shop with lots of foot traffic together with the property being within close proximity to car parking and public transport will lead to continued growth for your business.
- Term – I would recommend that during the negotiation for the term of the lease that you remember that landlords prefer long-term tenants; so the longer the lease, the more allowances you may be able to negotiate.
- Budget – When budgeting for a commercial space, I would advise that you have enough capital for the security deposit, first month’s rent, fit out and operating expenses. Landlords will usually require a bank cheque for the security deposit and first month’s rent once you sign a lease. The security deposit will be the sum of a number of month’s rent and set aside for the duration of the lease.
- Size – When deciding on the size of your commercial space the availability of quality space should be more important than the exact size. In my experience the way you utilise the space is a greater asset in the long term.
- Fit Out – Most premises will need fixtures, fittings and repairs done before you can commence occupation and start operating your business. I suggest consulting a specialist interior designer and would recommend getting in touch with Trish Khoury of Grace Interior Designs to discuss all your fit out needs.
I would recommend enlisting the help of a property professional to guarantee that you find and acquire the best commercial space for you, your business and budget. As a property professional I can help find a suitable site for your food dream and negotiate the terms on your behalf to protect your interests. Good luck with your hunt for the best site for your business and for any assistance be in touch with us at Nelson Alexander Commercial.