Medical Rooms – Rent vs Buy and check local planning rules

by | Mar 18, 2016 | Property Development & Project Planning

Last month we posted our project planning checklist and we thought we’d follow up with some commentary regarding the property selection process. In particular renting vs buying and once you have selected a location, understanding local planning rules. Rent vs Buying Our first statement regarding this question is, firstly look to secure a property that will make your practice a sustainable business. This means finding the right location for your practice and this may mean you rent in a location rather than buy for the sake of buying. Property ownership, however, does have its benefits and we will cover this at a later date. Renting commercial premises can be a fairly straight forward process and you could secure a great location for a long lease. A good start is discussing the matter with your solicitor or property advocate. Regarding renting, our main tip is don’t be afraid of a long lease, a landlord should always be open to a lower rent if they know you are in for the long term. You can always sublet the space if you do end up buying and familiarise yourself with the Retail Leases Act as the obligations of the owner and yourself will be covered by this. If you decide that buying is the next logical step and you think a residential property for conversion is the right course of action, this is where the “converting a home to consulting rooms” journey begins. Once again, refer back to our project planning checklist and sit down and start planning the size of premises you need before you start the property search. Understanding the...