Once you’ve decided that the GTA is an ideal location for your new restaurant, it’s time to start looking for a suitable space. Restaurant leasing and rental can be complex and requires careful consideration of the type of lease or rental agreement best suited to your needs.
The first step is to create a comprehensive list of criteria which will help define what makes a good fit. For example, consider factors such as size, budget and amenities; all of which can have a major impact on your business plan. You’ll also need to think about any specific requirements such as zoning regulations, parking limits or access to public transportation.
Once you have identified these key criteria it’s time to begin searching for restaurants in the GTA area that meet your criteria. Many websites offer property listings that can be filtered with specific criteria in mind. If possible, it’s also a good idea to visit each location so you can get an up-close look at the space and determine if it fits your needs.
When you find the right spot, it’s time to start negotiating a lease or rental agreement. It’s important to understand all of the terms of the contract before signing anything, including any potential restrictions on how long you can stay there and what types of operations are allowed (for example a lease may restrict how late you can serve food). This is where having a lawyer who specializes in commercial leases is invaluable.
We’ve outlined few ways to find the perfect commercial space for your restaurant to set up shop in:
Set a realistic budget: Before even starting your search, it’s important to set a realistic budget for the restaurant space you want to lease or rent. Consider factors such as size, amenities and other requirements that may impact the cost of renting or leasing a space.
Research local zoning regulations: Before signing any lease or rental agreement, make sure to look into local zoning regulations so you can avoid any surprises down the road. Find out if there are restrictions within the area on how late food can be served and what types of operations are allowed. This information is usually available through local government offices or online.
Inspect each potential location: Once you have narrowed down your list of possible locations, take some time to visit each one in person. This will give you an opportunity to really get a feel for the space and see if it meets your needs.
Negotiate the lease or rental agreement: Once you’ve chosen the perfect spot, it’s time to negotiate a lease or rental agreement with the landlord. Make sure to read over all of the terms and conditions before signing anything, as this can have major implications down the road. It’s also important to have an attorney who specializes in commercial leases review any contract before you sign it.
Follow health and safety regulations: Before opening your business, make sure that any restaurant space you rent or lease meets all applicable health and safety regulations. This includes obtaining necessary permits and ensuring that building codes are followed.
Finally, keep in mind that renting or leasing a restaurant space is just the first step towards opening your business – you’ll still need to make sure it meets all applicable health and safety regulations, get all necessary permits, and more. Doing proper research will help ensure a smooth transition as you move forward.
Good luck with finding the perfect restaurant space for your business in the GTA! With some careful preparation and due diligence, you can be well on your way to success! If you ever run into any issues or have questions about the process of leasing or renting a restaurant space, don’t hesitate to reach out to an experienced commercial real estate lawyer who can provide invaluable advice.