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Commercial Lease: 12 Terms Explained (part 2)
Continuing with our series of articles to help you understand what is a commercial lease and terms explained, ere are another 3 terms out of 12. These are 3 types of rent terms you will find in your lease agreement. Your landlord will decide which type of rent to expect from you but your solicitor could help you negotiate the most suitable rent type for your business.
4 – Base Rent
Base rent is the basic rent the tenant pays the landlord. This is a fixed rent stipulated by the landlord. You should expect escalation clauses in the lease agreement in relation to expenses, tax, insurance and maintenance.
5 – Turnover Rent
A turnover rent provision can be incorporated into a lease agreement, stating the exact percentage of the business yearly profit or turnover to be paid to the landlord.
6 – Percentage Rent
In addition to the base Percentage rent, the landlord is paid a percentage rent, or a percentage of the monthly profit.
If you are thinking of leasing commercial property or if you are already leasing and would like to discuss any issues you’re facing, please give us a call.
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