breaking a ratils business lease which hasnt commensed yet?

Question

we currently own a business in a shopping centre, our lease runs out in december and the landlord wont renew the lease as they have plans to turn the shop into a bank they have offered us a new lease at one of the other stores in the shopping centre and reluctently agreed and signed the new contract we are now wanting to break that lease and not move as the relocation cost will be far more then we anticipated and we simply cannot afford to move. would anyone have any information on wether we would be able to break this leese? if not what fees penalties would we expect to be looking at

Answer 1

You'll be liable for the rent as agreed until the landlord places a new tenant. If that tenant is paying less rent than you agreed to pay, you'll be responsible for the difference for the duration of the lease term that you had agreed to.

Residential leases have some minimal protections based in landlord/tenant law. Commercial leases are not covered by those protections under the assumption that a prudent business person knows what they are doing when they sign a binding legal contract.

You'll need to discuss this with a local attorney or solicitor who specializes commercial real estate law.

As far as moving is concerned, you don't have any options as the landlord isn't renewing your current lease. It's going to cost you to move either way so maybe you should reconsider.