I am currently a buyer for a successful independent boutique but would really like to look into opening my own womenswear shop. I don’t really know where to start but I know I would only want a small shop ideally in an affluent area. Can you suggest how I progress?
Nigel Poad, CEO leasing director, Modus Venture Ltd:
I would very much recommend you contact a firm of property agents that specialise in retail property. The Royal Institution of Chartered Surveyors will be able to help in terms of providing details of appropriate agents in your geographical area. When you speak to an agent always ask for details of their retail experience and make sure they have dealt with the type of property you are looking for. If not try another agent.
I would always recommend getting expert advice as there are many pitfalls that can have serious consequences further down the line if they are not dealt with properly at the stage a lease is negotiated or sale agreed.
Similarly employ a solicitor that has relevant experience. I appreciate that you may have a solicitor that deals with all your legal matters however if they are not experienced in property law I would recommend going to a firm that does.
Employing specialists may seem expensive and you may regard it as a cost you could well do without particularly when setting up a new business however getting it right at the start will make sure you don’t get caught out in the future.