A property needs to work for the business that will use it. Before buying or leasing, take time to understand both the visible space and the systems, obligations and possible renovations behind it.
Size, layout and day-to-day access
Start with how the business will operate today, and what it may need as it grows.
- Check usable floor area, ceiling height, storage, yard space and opportunities to expand.
- Make sure the floor plan can support your staff, equipment and customer experience.
- Consider parking capacity, loading docks and deliveries alongside the interior layout.
Purchase, lease and operating costs
Compare the price with the market, review financing options and build a realistic operating budget. A lease may allocate expenses differently from ownership; understand whether maintenance, taxes and other costs are your responsibility.
For a triple-net lease in particular, review the obligations carefully with appropriate advisers rather than relying on the headline rent.
Building condition and energy performance
Insulation, lighting and HVAC performance can affect comfort and utility costs. Review the condition and remaining life of the roof, plumbing, structure and mechanical systems, and ask about deferred maintenance.
Confirm internet and telecommunications availability. Check existing service agreements and whether they can be transferred or renegotiated. Location-related hazards can also affect insurability and cost.
Hazardous materials and environmental due diligence
Arrange appropriate professional inspections before committing. Asbestos, lead paint and soil contamination may require specialist assessment and removal, with significant consequences for budget and schedule.
Do not assume that an issue left by a previous owner will be someone else's responsibility. Qualified environmental and legal advice can help clarify the risks.
Renovation time, signage and appeal
Estimate the full scope of work required before the business can operate. Build time into the plan for approvals and unexpected conditions, and discuss whether a rent-free fit-out period is available when negotiating a lease.
Consider the building's appearance, branding opportunities, signage rules and visibility. A space that supports the business from the start can reduce expensive changes later.