The fundamentals of looking at property are the same regardless of zoning. You essentially need to
1. work out your comfort price and the return that you want.
2. decide which location.
3. decide type of property i.e retail, commercial, industrial etc.
4. understand past and potential vacancy rates.
5. make a decision on the type of usage.
6. what are the costs to hold.
7. can improvements be made and if so at what cost.
8. what is the exposure, parking, signage etc,
and everything else that goes with generally searching for any investment.
If I was looking at entering the market I would also attain copies of the various acts (Retail, Commercial) as well as local council requirements to have a basic education of what you are planning to get into.
Go out and talk to the various levels of agents. From the shopfront general agencies to the larger nationals that specialise in what you are looking out.
Knowledge is the key.
With regards to the proposal you placed forward
10 year lease
100k per year with 4% increases every year beginning in the 3rd year Market is around 95,000
12 months worth of rent as a bond/deposit
outgoings paid by the tenant
12 months rent free
Why on earth would you give a tenant 12 months rent free? If you really must issue rent free periods, then perhaps:
1. Half the rent for twice the length of time (full outgoings), or
2. On nominated dates and only if the tenant has not breached any essential terms, issue rent relief of fixed amounts.
You need to get any tenant into the habit of paying rent.
Or alterntively, undertake some capital works that you can get some return on.
Never take the easy way out when negotiating leases and ensure that your manager is like minded.