Understanding commercial real estate in London's restaurant scene can be overwhelming. From footfall to regulatory compliance, multiple factors demand your attention. At Restaurant Property, we specialise in matching restaurateurs with properties that meet both their vision and the regulations that govern the UK's hospitality industry.
That’s why we are providing some key insights to help you secure that perfect London location for your restaurant.
Know Your Zone
Different London boroughs attract different crowds, and it's crucial to place your restaurant where your target demographic frequents. From the hip streets of Shoreditch to the elegance of Mayfair, align your restaurant's concept and aesthetic with the district that will appreciate it the most.
Never underestimate the importance of high foot traffic. Before settling on a location, spend time observing the area at different times of the day and week. High foot traffic can significantly contribute to your restaurant’s visibility and by extension, its profitability.
The Budget Balancing Act
London is one of the world's most expensive cities, and the rent will take up a significant portion of your operating expenses. Balance the rent and council rates with your projected revenue. Always remember to factor in the UK's rateable value system when calculating your costs.
Licence to Serve
In the UK, and especially in London, planning permissions and licences are a big deal. Make sure that the property you're interested in has the correct use classification, either falling under the new E class or 'sui generis' categories, depending on your offerings.
The more accessible your restaurant is, the more customers you'll attract. Consider the nearby public transport links and parking facilities when choosing your location. London's extensive public transport network makes this a vital point to consider.
Being surrounded by other businesses that attract a similar clientele can be advantageous. Whether it’s shopping centres, theatres, or other restaurants, a good borough can have a beneficial multiplier effect on your footfall.
However, while these tips are beneficial, understanding the pulse of the market is fundamental. To truly “know the market” and land the right deal is vital. It's more than just scouting; it's about making informed decisions. And that’s where we come into play. At Restaurant Property, our expertise and insights pave the way for successful real estate choices.
And a piece of parting advice? Always consider partnering with the right agent. In the dynamic world of London's hospitality real estate, having an ally who understands your vision and can navigate the complexities is invaluable. It’s what we excel at. It's what we do. Restaurant Property is here to guide you through every step of this challenging yet rewarding process.
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