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Hey, Dazzling, how does one get in on this commercial gig?!!!
Hello silversands,
It's a shocking gig, with massive risk and no capital growth, with very lengthy (up to 12 months) vacancies that can send you broke quicker than a cricket ball hitting Grannies window.
Stick to the houses mate. Nice and safe.
As the Owners of this site and other noted property experts continually write.....they won't recommend it as it's volatile and there is far better money to be made in residential. I agree with all of those experts.....you should definitely stick to the gig you know.
Had a read through my lease. Most of it is stipulating what I can and can't do, and what is required of me - no wonder you love the commercial leases Daz!
In the lease it has:
Item 62. Extension.
The the Lessor shall upon written request of the Lessee made not later than three months before the expiration of the said term or terms and if there shall not at the time of such request be any existing breach or non-observance of any of the covenants and stipulations on the part of the Lessee hereinbefore contained at the expense of the Lessee grant to the Lessee a new Lease of the said premises for the further term or terms specificed in Part VII of the Schedule at a rent to be mutually agreed and which new Lessee shall contain the like covenants and stipulations as are herein contained excluding this option for renewal PROVIDED FURTHER that if the due observance or performance by the Lessee of the Lessee's duties and obligations hereunder shall have been guranteed by any person or firm or corporation then the execution of such guarantor of such documents or assurances as the Lessor may require for the purpose of affirming or renewing such guarantee for the said extended term shall be a condition precedent to the exercise by the Lessee of the Lessee's rights to request an extension hereunder. The extension of this Lease shall be conditional upon the rent being mutually agreed for the first year of the extended term of the lease.
That must be one of the longest sentenced in the English language! I've underlined the important parts as to negotaion of the new lease.
The Part VII referred to is a 5yr extension of lease.
It doesn't say anywhere about market valuation, or remedies for disagreement etc. Just a rent 'mutually agreed to.'