We talk to Robbie Doyle from Buy Grow Sell about the pitfalls and opportunities in negotiating a Restaurant property lease.
This is particularly topical in Australia, with Sumo Salad putting two leasing companies into Administration because of the difficulties that they have had in negotiating the leases with Westfield. Westfield, like a lot of shopping centre owners have tried to respond to decreasing retail trade by increasing the experiential opportunities for customers, and this has seen an increase in the number of restaurants in shopping centres with no increase in customers, in fact some shopping centres are seeing decreasing foot traffic.
Where can restaurant owners find properties that have affordable rents?
We discuss some of traps that can be included in a lease offer.
We look at how many restaurant owners buy their property versus leasing. Buying gives you a friendly landlord, but it is expensive and if the restaurant goes badly, you have a struggling lease and a struggling tenant to deal with at the same time.
What are the different types of lease that are available and how can you structure that with your exit plan, especially when you factor in the fitout costs that will be sunk into the property.
If you've got questions on Restaurant Leases, Robbie has very generously offered to help you out, so contact him at www.buygrowsell.com.au
Should you get a lawyer to review your Restaurant Lease? Robbie discusses some of the caveats that can be put onto a lease, and how they can affect your over the time of the lease.
What are the parts of the lease that are negotiable and how can you get the best terms for your Restaurant? Robbie provides some great insights into what Landlords can be thinking and the factors that drive the way that they negotiate.
Robbie shares a lot of great insights into the Restaurant Leasing process that can make the process a lot less painful for you the next time that you need to negotiate a lease.
We finish off with the great story of Robbie's first Restaurant. A talented chef, he was undercapitalised, but with a little out of the box thinking, he was able to get his first start in a Restaurant. His story has some great ideas in it for those struggle to get the money together to begin their own Restaurant story.