Factors to Consider on Site Acquisition for Service StationsMay 31, 2016
Site acquisition for service stations involves close examination to ensure that the location is suitable for the safe operation of the business. Problems can occur above and below ground when the condition of the site is unacceptable. Certain issues may pose danger whilst others will lead to an unsuccessful outcome on a monetary level. To help you prevent issues, read our list of factors to consider before you purchase or lease a site for your petrol and service station.
1. Land Must Be Stable for Fuel Storage Tanks
Analysis of the land is important with site acquisition for service stations to ensure the soil and other topographical characteristics of the site are stable enough for the insertion of underground fuel storage tanks (UST’s). Tanks such as these should not shift radically while underground since they might rupture. Other methods of fuel storage are possible (such as above ground), but in-ground is the most popular method. When you are purchasing an already prosperous business, you need to ensure that the existing storage tanks have not leaked causing sub surface damage as the authorities may and will hold you responsible as the new owner for monetary fines and cleanup of the same.
2. Unhindered Access for Construction Crews, Customers and Delivery People
The site needs unhindered access for construction/maintenance crews, delivery people/fuel delivery and customers along with visitors. Without this, there is no way for the business to succeed.
3. Site Should Contain Adequate Space
When you select a location for a petrol and service station, it needs to provide you with adequate space for storage tanks, a building, canopy (Passenger/truck) the number of pumps that you desire, parking and turnaround space, stacking, fast food if suitable etc.
4. The Site Needs Local Zoning Approval
Your prospective site will need local zoning approval, especially if it is not an up and running concern at present. All areas of Australia establish various zoning laws to ensure the proper development of any given area. Lease Link have an excellent understanding of local zoning provisions and can assist you with making the right choice or pursuing a site that others may believe is not zoned appropriately for the intended use.
5. Contract Terms Should Be Clear, Legal and Equitable
Your contract terms for the lease or purchase of the site should be clear and easy to understand. In addition, all legalities need to be addressed, including who is the rightful owner of the property. The price and payment terms should fit your expectations and budgetary allowance according to the size of investment you can reasonably afford plus allowing for planned upgrades, costs escalations, alterations, make goods etc.
On top of the above factors to consider on site acquisition for service stations, you should give genuine consideration to engaging the services of Lease Link Property Consultants. We will perform the required due diligence on your behalf to ensure that the property will meet your intended uses and that your investment is maximized at all times.
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