Thirty years ago, Geraldo Rivera created a media sensation with a TV show that focused on the opening of a special vault in a Chicago hotel owned by gangster Al Capone.
Despite all the build-up and hype, nothing was found.
While TV thrives on the unusual, the commercial real estate world does not. It tries to avoid surprises because too often they can result in unexpected costs. Most experts will stress cost certainty allows a business to grow and offer better opportunities to make smart investment choices.
I mention vaults because their removal at the end of a lease involving a bank can sometimes result in a landlord incurring significant costs if there is no stipulation in the lease for the premises to be returned to its original state.
The lack of a restoration clause could be expensive, not only when it comes to bank vaults; the removal of large freezers in flower shops or ventilation systems over deep fat fryers in restaurants can be costly operations.
Richard Crenian is the founder and President of ReDev Properties. Since its founding in 2001, Richard and ReDev Properties have grown the asset management company using a long-term approach to manage over 30 commercial properties, primarily located in Western Canada.
To learn more about Richard please visit www.richardcrenian.ca