Mine your own business – tips for leasing Mount Isa commercial property
Mount Isa is obviously well known as a mining town, but the success of our mines creates plenty of other business opportunities as well. If you’re looking to lease commercial property in Mount Isa, here are our top tips for success.
Tip 1: Understand your needs
Work out the ‘must have’ features that you need for your commercial property, and the ‘nice to have’ features. Be realistic in terms of things like space and facilities. It’s not crucial that your property is fit-out exactly the way you want it, but the closer it is, the lower your fit-out costs will be.
Think of your short, medium and longer term needs, as well as the ideal length of the lease you’re looking for. The longer your lease, the more security you’ll have for your business.
Compiling a comprehensive needs list helps to prepare you for the next crucial phase – doing your commercial property research.
Tip 2: Do your research
It’s crucial to do your research to find the most suitable property for your needs. You can start by searching for Mount Isa commercial real estate online to narrow down your list of potential properties to inspect. These properties should tick all the boxes of your ‘must have’ features from your needs list, and ideally, at least some of your ‘nice to have’ features as well.
Tip 3: Talk to professionals
This includes local commercial real estate agents in Mount Isa like our team at Jays Real Estate, as well as your accountant/financial advisor and solicitor. They can help you to clarify the terms and conditions of lease agreements on commercial properties that you’re interested in.
Should you lease or buy Mount Isa commercial property?
There’s no simple answer to that question. It depends on your individual business needs, goals and circumstances.
Here are some of the major pros and cons of leasing versus buying commercial property.
Advantages of leasing a commercial property over buying one
- Leasing a commercial property gives you more flexibility if you want to change premises in the medium to longer term. For example, if you grow and need larger premises.
- You don’t have a large upfront purchase cost.
- You won’t have to pay ongoing property ownership costs like rates.
- Your landlord will likely be responsible for any necessary building repairs.
Advantages of buying a commercial property over leasing one
- You acquire a business asset that will likely increase in value over time (especially if you maintain and/or improve it).
- You won’t have to pay ongoing rent.
- You will be able to stay in the property for as long as you want to.
- You can make any changes to the property that you want to without getting the approval of your landlord.
Types of commercial properties for lease in Mount Isa
The most common types of Mount Isa commercial property for lease includes:
- industrial/warehouse space (including Mount Isa sheds to rent)
- retail space
- office space
- accommodation complexes
- commercially zoned land.
Rent charges vary considerably depending on the type of commercial property asset, its size and location.
The long-term nature of the mining industry and other forecast growth industries in Mount Isa such as agriculture, transport and logistics tends to encourage long-term leases.
Jays Real Estate has been Mount Isa’s premier commercial real estate agency since 1981.
If you’re thinking about buying, selling, renting or leasing any Mount Isa commercial property, or you need your property managed, contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any questions you have.