Business lease

Shop in parade
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Document overview

This lease is for letting a single shop or retail unit in a multi-tenant parade owned by the same landlord. The shop could be used for any purpose; for example: sale of goods, restaurant, cafe or sale of services (e.g. estate agency or PC repair). Any upper parts of the building are let separately. Features: service charge provision; guarantor; break provision; rent review options; option for assignment; sub-letting not allowed; draft agreement for security deposit.
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  • Length:32 pages (9000 words)
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About this lease

This business lease has been drawn to let a retail unit in a parade of shops owned by the same landlord. Tenants are likely to share some facilities and services. This agreement allows for service charge recovery and use of shared facilities between tenants. The shop could be for any purpose .Examples are: retail of goods, restaurant or cafe, or service provision such as PC repair or estate agency.

The shop may or may not have additional space used by the tenant for other business purposes, such as offices or storage.

This is a professionally drawn, very comprehensive lease with massive legal protection for the landlord including a long menu of “do’s” and “don’ts”.

This lease is not a compromise between the interests of the parties. It prefers the landlord’s interest. We think that is the best start point. If you wish to make concessions to your tenant, that is fine, but we want you have those choices.

It includes service charge provisions to provide 100% recovery of service costs.

Similar commercial lease agreements

Key features

Plain English is used throughout except where it is necessary to use legal terms common in this field of law.

The key features of this lease template can be summarised as:

  • standard guarantor
  • options for transfer or assignment to another party
  • sub-letting forbidden
  • option to include a break clause for premature termination by the tenant
  • a choice of options for rent reviews

The law in this shop lease

Commercial leases differ significantly from residential leases. Residential leases are highly regulated. In contrast, commercial leases are governed chiefly by common law and are very loosely regulated. The rights and obligations of the landlord and tenant are mainly a matter of agreement between the parties. There are no statutory requirements to register your lease, but either party may register a lease of three years or more.

Document contents

This shop lease is comprehensive, providing alternative choices for important decisions.

The contents include 30 provisions and 3 schedules covering:

  • rent: period, amount, other payments, interest on overdue rent, periodic review
  • condition and repair
  • tenant's positive obligations
  • service charge recovery
  • restrictions on tenant: prohibited activities on the property
  • signs and advertisements
  • assignment of the lease
  • indemnities by the tenant
  • security deposit
  • insurance
  • access for landlord
  • guarantor
  • termination: default notice by landlord; provision for premature termination (a break clause)
  • forfeiture

Schedule 1: the service charge

Schedule 2: rights reserved

Schedule 3: draft agreement for a security deposit

Sample business leaseFront cover

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