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I'm looking to start my own practice (Australia), but have no idea what to expect rental wise. I'm looking at a two room, with small kitchen and reception area. I'm looking at a place next week which is $15000, inc gst plus share of outgoings, its in a small centre with hairdresser, key person, and accountants upstairs. They tell me the fit out?? is this good.

I'm in regional town, will be building from scratch, excited but very nervous, will be leaving a steady job.

Any tips for dealing with rental guys, would be great too.

Many Thanks
esh

 

I guess it depends what size town you are in. I pay about that in the eastern suburbs (melb), so it would pay to ask around in your area. One thing for sure though- you should get the first month for free (this is usual for commercial leases). And don't get locked in for too long (just in case it all goes belly up)- try 12/24 months to start, then go 2x2 or 3x3 options after that. After 12/24 months you will know which way you are heading!
also, make sure that your rental increases are CPI.
Good luck!

 

Defintely look around, maybe ask how much people pay in the area and then look at it this way. If you work 220 days out of the year, it will cost you 68.19 per day. If that sounds ok and they do the fit sounds ok to me. The rent I pay here in Stockholm compaired to Australia would make you cry, so 68.19 sounds great to me, but it still can be high so ask around.

Good luck

 

Hi Esh

I pay that for two rooms and a kitchen in Brisbane. I would definately ask around to see what the cost is per sqm in that particular area - i believe thats how they work out the rent.

 

Firstly get some history of the site. ie how long it has been empty and ask other tennants what they are paying per square meter as sometimes the new comer will get ripped off. If they are doing the fit out ask how much they are spending as there are fitout and there are fitouts. also do you have a say in what they are doing as you need in podiatry friendly (wider doors for access wheel chairs/walkers.) If they are paying for fit out that is great if not I would negotiate 6mnths 1/2 price rent this is standard in most commercial sites on a 2 or 3 year lease. Also in your contract always put an option in at the end that you would like the opportunity to pruchase if it was ever sold. This means you have future options as well as you never know how well your buisness will go in the future. I did this and know own my own clinic in just 5 years of renting. All the best