Wow, what a day. Started off with a meeting with T, who we are hoping will handle the graphic/visual design for Parlour. A huge bonus is that she and her partner have a long background in the hospitality industry, so can bring a broad experience to bear. I worked up a simple little outline brief just to clarify the key points.
After T we headed off to the other side of town to see a small café (well, more a sushi/burger bar) up for sale on Brunswick Street in Fitzroy. It’s dirt cheap with a listed sale price of $18,000. It’s not on the busiest part of Brunswick Street – which is already heavily over-populated with food outlets. Not for us, but interesting to see what’s out there.
Got home to find the loan documents from the bank have arrived. But big problem, the borrower’s name is wrong. It needs to be in our personal name, part of the structuring necessary to help with a CGT liability from previous business venture. They’ve got the name of the company. Talked through on the phone with our accountant who confirmed it was a problem so fired an email off to the business banker asking if it can be changed.
Then F gets an email from the agent for the Docklands premises that we really want. It’s been sold!!! “The client has informed me that the property has sold and does not know as yet if the new owner wishes to occupy or lease the shop.”
F bats a message back to say that we’re still interested if the new owner wants to lease. This is a big blow. And we’ve lost out because of the incredibly long time it’s taken to get progress, particularly the bank. I’m pretty sore about all this. We first approached the bank in February, and at the time were told it would be a 48 hour turnaround. It’s now THREE months later – and we’ve now lost the ‘jewel in the crown’ premises.
On top of all this the phone started to ring.
First up the St Kilda cafe agent rings to say our new offer (which was basically the same as February’s) is too low. Will be go another $5,000 or so? Answer = no. Another phone call. Will we split the difference? Answer = no. Another call. Agent suggests we sign a contract, write a deposit cheque, that’s a clear sign to the vendor we’re serious, and not just tyre kicking. And by going to chattels contract route we save the vendor having to cough $600+ to prepare the necessary documents. After a discussion with F call the agent back to say ok, we agree to meet on Sunday (?) to do the necessary paperwork. We’ll do it in between running around from children at cheerleading and soccer.
Next sequence of phone calls is with the owner of the premises in Hampton – the old laundry. Our opening offer not so well received. Which I guess we anticipated although we backed it up with a copy of our rental rate survey for the area. Bit of tooing and froing, but by the end of the day there’s a number floating around that might work for both parties.
All of these negotiations made all the more fun by the fact F is up at hospital with our youngest for an ophthalmology appointment, so I’m having to text and phone her every 5 minutes with the latest progress on both the Hampton and St Kilda premises, and plot the next moves.
Needed a couple of glasses of nice red wine this evening.
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