We recently received an instruction to identify the ideal property for a new Nigerian restaurant concept, similar to popular establishments such as 84west & Demi’s. If you’re a commercial agent or asset manager with a high street property, please read on.
During my research, I noticed that many restaurant properties being marketed are either businesses being sold or requiring a hefty premium upfront to buy out their lease, fixtures, and fittings. This presents a challenge, as my clients are looking for a new lease and are not interested in paying a premium.
This observation piqued my curiosity: Is this a bad sign for the state of the high street? Could it be just natural churn? I’m also curious about how and why landlords are dealing with these lease transfers and assignments in such high numbers.
There’s no doubt this is a tough economic backdrop to start a new business, but this is why I love working with fearless entrepreneurs who are willing to chase their dreams. Olawill was developed when I was working as an asset manager, and I realized that I truly enjoyed working with and talking to entrepreneurs, hearing their stories, and supporting their bold journeys into the unknown. The beauty of business is that everyone sees value in different places, and I’m confident they will succeed.
Any agents who have a high street shop suitable for an interesting new concept, approximately 1,000 sq. ft. in South East London, please send brochures to sales@olawill.co.uk. I look forward to working with you.
Also, if you’re a small business and need support finding your first property, contact me for a free 30-minute consultation.
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