The restaurant sector is predicted to grow by about 10 percent this year.
According to the Business Outlook 2016 report, the restaurant sector is predicted to grow by about 10 per cent this year. This all stems from a stimulated restaurant buying market where operators are feeling confident enough to expand – albeit with the turbulence of Brexit.
Taking out a lease for a new restaurant is where it all begins, and our restaurant property agents are the most experienced in London. Here are six questions to ask before you sign on the dotted line.
Are you going to be dealing with a large institution, a bank, a professional property dealer or an accidental or one-off landlord?
It is important to bear in mind that larger institutional landlords can work much slower as various committees sign off on every stage of the process. However, smaller landlords may not react so quickly to issues once the lease has been signed.
A local landlord is usually more accessible, and much easier to contact and quicker to react when dealing with any problems after signing the lease.
Similar issues arise in relation to the property manager. Property managers who have several sites, located all over the country, can often be hard to reach.
An older building may require significant maintenance, and you may end up footing some or all of this bill.
Try and find out what costs have been incurred in previous years: unlike the financial markets, in the property market, past performance is a fair guide to what the future may hold.
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