Christmas is coming and the shopping bags are getting fat. Just the time to get into the retail business - and if ever there was a time to look for a short-term lease on a retail unit this is it. A number of agents around the capital are hoping to let units over the next few months - and just for the next few months. Though often regarded as undesirable, lacking the security that comes with a long-term lease, such units have their advantages in that rates and maintenance are generally absorbed by the landlord.
Corry McMahon, of Corry McMahon Auctioneers, is currently offering two units on Mary Street - an extension of the prime shopping area around Henry Street and adjacent to the Ilac and Jervis centres. "They would be suitable for any retail use," said Mr McMahon, "though at this time of year they would obviously be ideal for selling such things as Christmas gifts, decorations, party wear. If someone wants to set about selling Christmas trees down there they could."
Together the units, at 51 and 52 Mary Street comprise 5,352 sq ft and could be let either individually or as a single unit. The rents will be based on £140,000 per annum on number 51 and £80,000 per annum on number 52.
Across town, Gunne Commercial has two units available for short-term let at South Great George's Street. Numbers 14 and 16 are at the junction with Exchequer Street and comprise 937 sq ft, plus basement storage and 896 sq ft plus basement storage respectively. Peter Flanagan of Gunne is seeking rents of £2,000 per month on these. Generally speaking, he says, his office does not deal with short-term lets.
However, he agreed "absolutely" that the Christmas period is the optimum time to let short-term. The units at South Great George's Street, he said, are part of a planned development and it suits the developer to take some rent on them.
On leases of less than five years, the tenant has no automatic right to have the lease renewed on expiration. With leases of five years or more, u pon expiration, the tenant has an automatic right to a lease of 35 years. However, it's safe to say that by the time a tenant saw the end of a five-year lease, their stock of Christmas trees would have shed its needles.
