Current Perth Commercial market

I'm looking for a new premises for my takeaway. I've decided to go into the CBD and I'm interested in a premises on Barrack Street. Current annual rent is $75,000 for 65m2. Anyone in the industry or rents/own a commercial property nearby that can give me a heads up with current valuations for these kind of premises? Is that about right for the location? Size? I've done some research but haven't been able to find much to compare.

 

I have used Don Eftos from Pember Wilson and Eftos when doing leasing. Don can basically find out every recent lease deal and he is quite approachable.

I don't know (yet) of any Perth lease valuers on Property Chat.

 

It's definitely on the highish end IMO. Which part of barrack? If your lease conditions were pretty favourable and it included some capital intensive items like Aircon or grease traps etc then maybe but otherwise I think it's a tad high.

The ultimate cbd retail/hospo guru is Jim tsagalis but you'd probably need an intro to him in order for u to get an unofficial but highly accurate opinion on this particilar property and the state of market for this type of rental atm

 

No need for a valuer if you can get an opinion from a couple of people but it does involve having a relationship

 

It's the Murray Street end, pretty much on the corner of Barrack/Murray. Current tenants are selling so the purchase price would include Aircon/Grease traps/Kitchen equipment etc..

 

On what terms? Admittedly you cannot change them.

• Is that a nett, semi-nett or gross rent?
• What outgoings are you liable to pay?
• Rent reviews - what rate?
• How often?
• Is this sustainable for the business/how are you going to achieve this?
• Options to extend the lease?
• Reviews upon renewal?
• Usage clause - how restrictive is it?
• Opening hours?
• Assignment provisions
• Compliance with retail leases act
• How much is the security deposit? In what form?
• Refit requirements - when/how often?
• Make good requirements - what do you have to remove?
• Existing fitout - who owns it ie is it the finance company or fully owned?

 

Exactly.

Favourable relevant above terms paying 75k would be far preferable to bad terms/lease at 60k

 

Theo Smyrniotis heads up tenant advisory (i.e. acting for and advising tenants, not landlords) at Colliers International and is always open for a chat. He has a background as a licensed valuer and can speak with authority on current rents.