I met with the new owners of our shopping centre today, along with the head of leasing of the Centre management company regarding the rdevelopment of the centre.
They said they are now in a position to offer us a new lease after the last two years on a monthly hold over lease. I pushed for a 5 year with a 5 year option knowing that they don’t normally offer this to smaller operators, only major stores, hoping to get a 7 year lease. To my surprise they said a 5 x 5 is probable and a 7 year no problem and will have paperwork ready by the end of next week.
As they are expanding the centre and knowing Dominos are wanting to move into the area I pushed for an exclusive tennant clause ( non conflicting) which they will consider by will definite have in the lease a “first right of refusal” clause which is as good as to some degree.
We also spoke about making and al fesco area outside of our shop by taking out the 2 5 minute parking bays and expanding the walkway over them and adding fixed table and chairs. They liked the idea and will be approaching the relevant authorities to get clearance.
As soon as the lease is put away I get down to the fun of getting an additional oven, POS and a new make bench. The bank only phoned last week seeing if we needed any funding for upgrading, so now I can say “show me the money”!
Dave
They said they are now in a position to offer us a new lease after the last two years on a monthly hold over lease. I pushed for a 5 year with a 5 year option knowing that they don’t normally offer this to smaller operators, only major stores, hoping to get a 7 year lease. To my surprise they said a 5 x 5 is probable and a 7 year no problem and will have paperwork ready by the end of next week.
As they are expanding the centre and knowing Dominos are wanting to move into the area I pushed for an exclusive tennant clause ( non conflicting) which they will consider by will definite have in the lease a “first right of refusal” clause which is as good as to some degree.
We also spoke about making and al fesco area outside of our shop by taking out the 2 5 minute parking bays and expanding the walkway over them and adding fixed table and chairs. They liked the idea and will be approaching the relevant authorities to get clearance.
As soon as the lease is put away I get down to the fun of getting an additional oven, POS and a new make bench. The bank only phoned last week seeing if we needed any funding for upgrading, so now I can say “show me the money”!
Dave
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