For many it’s a new term, but a pre-let is simply a way of securing your letting before it’s even been built. Similar to ‘buying off plan’ when purchasing a brand new house, the big difference here is that you’re only renting the property. Businesses will do this to snap up great opportunities when the market is particularly competitive. Having a reliable property agent helping you to find these possibilities is really important, as it can make or break your business potential. Premier Lettings can broker the deal, putting you in touch with the latest suitable concepts about to pop up.
In legal terms, this formal agreement is a contract between tenant and property developer. It’s in the interest of both parties to secure their investment, as there is some risk on both sides. For the one hoping to move in, they are basing their future business plan on this new setting. From the developer’s perspective, they are glad to find someone to fill the new building but need to know this arrangement will come to fruition once work is complete. Protecting all those involved ensures a friendly exchange and smooth transaction. Building work can always encounter delays so these need to be communicated quickly and clearly to those waiting to move in.
In our role as facilitator, we have experts with an eye on the housing market to connect our clients with the right locations. Depending on the nature of your enterprise, you might have certain space requirements or access considerations. Our thorough process makes sure we’re all clear on your needs before embarking on a search and coming back with potential premises. The contrast between using a third party like ourselves to do this, and trying to do this on your own is vast. As a tightly knit team we pride ourselves on the close professional relationships we have built up with local businesses and developers over time. Our contacts extend into various industries, giving us a clear advantage when it comes to getting information on the latest builds.
One bonus of using a pre-let service is the chance of influencing the development to cater better for your wants and desires. In the planning stages many property builders are open to the suggestions of their future tenants. This might include entrance locations, lighting and electrical positioning and perhaps even car parking solutions. Creating a relationship at this early point in the process is beneficial, as the better a space is tailored to the future resident the more likely the agreement will continue successfully for many years.
As a pay-off for allowing the contractor to save on marketing the property later on, pre-let customers are often afforded a lower rent. Payment terms can be arranged well ahead of time, allowing more time for planning all other aspects involved in a location change. It’s not uncommon for this contract type to have a minimum lease of 20 years however, so it does suit long term plans better than fleeting start-ups.