Retail space in Mount Gambier is more in demand now pandemic restrictions have eased and potential retailers move to take advantage of pent-up demand. And while shopping centres provide comfortable shopping experiences and therefore attract many shoppers, we’re seeing a resurgence in demand for strip shopping. However, two years of embedded online shopping has made many business owners nervous about leasing a shop front. If you have a vacant retail property and want to lease it quickly, we suggest you give it the best possible chance.
Foot traffic is clearly an important consideration for a retailer; however, if your shop front is not in a high-traffic area, it might be more suited to services such as legal, accounting, beauty, concierge, dry cleaning and others that are sought by the business’s clients and not affected by a more secluded location. Older rustic condition buildings offer uniqueness in the style that certain businesses are aiming to achieve in the styling of the space.
Whatever the target market strategy preferred by the property owner, there are some tips to leasing your property more quickly and attracting the most desirable tenants.
Ensure your outgoing tenant has left the property in original condition and removed any equipment that doesn’t belong to you. Your potential lessees don’t want to be faced with a clean-up before they can begin fitting out their new home.
Especially if your retail property has been tenanted for a long period, or if it’s in an older building, it’s worth engaging a building inspector to check the property’s condition. You might need to engage an electrician to check the wiring is sound, a plumber to take care of any plumbing issues, and ensure air conditioning systems are operational and up to date with servicing.
Most commercial flooring is concrete, which should be clear of debris like carpet underlay or tile grout. If you’re fortunate enough to have wooden flooring, make sure it’s checked and you ensure there are no loose boards, squeaking boards, or any rot.
If your property is recently vacant after a long tenancy, we recommend giving it one coat of neutral/white paint so the property looks clean and fresh ‒ assuming your outgoing tenant hasn’t done so already ‒ to cover remnants of the former tenant’s signage, screw holes, wall fixtures and fittings.
Spend a few dollars to have street-facing windows cleaned. A vacant street-facing property with grimy, cobweb-laden unmaintained-looking shop front signals that the property is unattractive and will send a signal to prospective tenants that they can secure lower-than-market rent.
Cleaning and lighting
We believe it’s worthwhile engaging professional cleaners who will ensure the space is impeccably presented. Ensure all light fixtures are sparkling so the space looks light and bright.
Ensure your property manager has high-quality photos of both the interior and exterior of your retail property. This enables potential tenants to understand the space and also what other retail activity surrounds the property. To communicate a listing’s potential to prospective tenants who are from outside the local market and not familiar with the town’s business district corridors, you will need an aerial perspective on the property’s location. High-value corporate retail chains are typically represented by head office representatives who are based in capital cities and have little understanding of the township’s geographical layout and trading “hot spots”. For example, they need to see proximity to main supermarkets, city council provided car parking, restaurant strips or other shopping centres with high-volume foot traffic synergies.
To achieve market-level rent, we recommend professionally presented floor plans with measurements. Ask your property manager to generate a floor plan showing dimensions including ceiling, roller door and awning heights where applicable. Retail floor plans enable potential tenants to liaise easily with their fit-out company to maximise the space and customer experience.
Flexible lease terms
While retail property leases are determined largely by the Retail and Commercial Leases Act 1995, you and your property managers can work with potential tenants to ensure flexibility in the lease terms to enable peace of mind and a stronger, more valuable lease for both you and your tenant.
Speciality commercial property management
As the premier commercial agency in Mount Gambier leasing and managing many retail properties, we’re well placed to help you lease your retail property. We help with everything from basic cleaning to helping you devise a commercial leasing strategy that includes setting revenue goals as well as tactics to acquire great tenants. We will ensure that your lease terms align with your property strategy and objectives. Our knowledge of the commercial property market in Mount Gambier means we can set a competitive rent that aligns with the market rate. Leasing to a premium tenant at market rate will lead to longer tenure and more secure rental income.
Can we help with your Mount Gambier commercial property?
Call Herbert Commercial on 08 87 250 500 for a complimentary annual investment portfolio assessment. From this assessment, feedback may warrant the need to seek Herbert Commercial’s advice and expertise with formulating a plan to action restructuring or renegotiating the best lease scenario moving forward. We’re here to help.
As the only dedicated commercial property agency in Mount Gambier, we have a network with and are sought after by national commercial agencies as a trusted extension to their services. Our wealth of commercial knowledge of the Mount Gambier market extends to the broader commercial market, meaning we can ensure you achieve your commercial property goals.