7 Things to Consider Before Extending Your Retail Shop Lease

When it comes to extending your retail shop lease in Queensland, there are several crucial factors to take into consideration to make an informed decision. Here are seven key aspects to ponder before proceeding with the extension:

  1. Lease Terms:

    Review the terms of your existing lease thoroughly, paying close attention to the lease duration, renewal options, rent increase clauses, and any obligations related to maintenance or renovation.

  2. Market Conditions:

    Assess the current market conditions in the area where your retail shop is located. Consider factors such as rental rates, demand for commercial space, and the overall economic outlook.

  3. Negotiation Opportunity:

    Use the lease extension as an opportunity to negotiate better terms with the landlord. This could include rent reductions, lease incentives, or improvements to the property.

  4. Property Condition:

    Evaluate the condition of the retail space and determine if any repairs or renovations are necessary before committing to a lease extension.

  5. Future Expansion Plans:

    Consider your future business plans and whether the current retail shop space will accommodate your growth. Discuss with the landlord the possibility of extending or modifying the premises if needed.

  6. Legal Advice:

    Seek legal advice from a qualified property lawyer such as Sherri Gullickson to ensure you understand all the terms and implications of the lease extension before signing any agreement.

  7. Exit Strategy:

    Lastly, have a clear exit strategy in place in case you need to terminate the lease before its expiration. Understand the conditions for early lease termination and any associated penalties.

Careful consideration of these factors will empower you to make an informed decision about extending your retail shop lease in Queensland. It's crucial to approach the extension process strategically and with a clear understanding of your rights and obligations as a tenant.

Call today and Sherri can provide personalized advice based on your situation and ensure your rights are protected throughout the process.

Get in contact with our office today (07) 3397 99 22 or sent us an email to arrange an initial consult with Sherri today.

Please note that this information is provided as general guidance and should not be construed as legal advice. It's recommended to consult with Sherri Gullickson for advice specific to your situation.