My mother owns a small commercial property in Smith St Collingwood. It is currently leased by a religious institution which uses it as an opportunity shop. The current annual rent is around $43K gross. The place next door (and attached) is the popular St Crispin restaurant - if you watched the HotPlate this year, my mother's property sometimes popped up when they zoomed to the StC frontage during an episode The land sizes are pretty much identical. But my mother's property is very rundown now. St Crispin on the other hand is fully renovated and so the rent is significantly more than what my mother gets...around $80K + GST + outgoings. The property in 2014 sold for $2.45M and I expect that's a lot more than what my mother's place is worth due to the higher rent, attractive long lease and of course its condition. So got me to thinking that given Smith St is fashionable once more, maybe its worthwhile now renovating the place to get the sub par rent up to market value and to add value to the property. I was wondering how it works with renovating a commercial property to achieve a signicant increase in rent? Do you just gut it out and leave it as a blank slate with the new tenant worrying about it based on what business they are running, or is there a lot more to it, ie do you choose what business you want there and renovate accordingly which I suspect would cost a heck of a lot more. Or does the potential tenant tell the Landlord what they want exactly and the landlord pays for it with the rent and lease term reflecting this? Thx for any pointers.