Looking to rent a commercial space? Your step by step guide to secure your property
Applying for a commercial tenancy can be daunting. The legal obligations and financial commitments can seem overwhelming, however by following our step-by-step guide below we hope to make the application process smoother to navigate.
Once you have found your perfect location, conducted your financial due diligence, and feel ready to commit, having as much information on hand to present to the Landlord or Agent on the business concept, your industry experience and financial standing will speed up the process and help create a trusted relationship from the outset.
Here are the 3 steps you need to follow when applying for a commercial tenancy.
Step 1: Gather Essential Information to Apply
• Complete the Tenancy Application form.
• Provide personal details: full name, address, and contact information.
• Company details: Company Name, ABN/ACN, and names of directors or guarantors.
• Outline your proposed business concept, trading history, and experience.
• Include a business plan with funding details and financial projections.
• Provide personal or trade references, credit checks, personal ID, and supporting financial evidence.
Step 2: Make Your Offer with the Leasing Agent
• Prepare a Letter of Offer or Heads of Agreement with the assistance of the Leasing Agent.
• Specify lease terms: desired term (e.g., 3 years with a 3-year option), proposed start date, and any differences in the rental offer.
• Detail tenant fitout works and timelines, along with any requests for landlord works or incentives.
• Work closely with the agent to structure your offer based on their insights into the landlord's expectations.
Step 3: Finalise Before Handover
• Sign an agreed Letter of Offer or offer document, showcasing your goodwill to proceed (non-binding).
• Pay a holding/lease deposit, held in trust until the formal Lease is executed.
• The landlord's solicitor or nominated legal representative will prepare the legally binding Lease document. Seek independent legal advice before signing.
• Pay the security bond or provide a bank guarantee upon Lease execution.
• Provide evidence of tenant insurance to the managing Agent or Landlord.
Once these steps are complete, you're ready to move forward with your commercial rental space.
If you have any questions or need assistance, feel free to reach out to our team. We're here to make your leasing experience smooth and successful!
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