- Period
- Year 1
- $/sq.ft./yr
- $15.00
- Annual
- $17,775 + HST
- Monthly
- $1,481 + HST
Lease
Bowring Building, 277–281 Water Street — 4th Floor + Underground Garage
Lease Term
5 + 5 yr
1× renewal option
Premises
1,185 sq.ft.
+ TBD underground garage
Year 1 Rent
$1,481/mo
$15/sqft + HST
Year 2–5 Rent
$1,975/mo
$20/sqft + HST
Investment at Risk
$1.04M
Tenant-funded buildout
Open Risk Flags
10
Pending negotiation
Rent Schedule
Storefront Premises — 1,185 sq.ft.
- Period
- Year 2
- $/sq.ft./yr
- $20.00
- Annual
- $23,700 + HST
- Monthly
- $1,975 + HST
- Period
- Year 3
- $/sq.ft./yr
- $20.00
- Annual
- $23,700 + HST
- Monthly
- $1,975 + HST
- Period
- Year 4
- $/sq.ft./yr
- $20.00
- Annual
- $23,700 + HST
- Monthly
- $1,975 + HST
- Period
- Year 5
- $/sq.ft./yr
- $20.00
- Annual
- $23,700 + HST
- Monthly
- $1,975 + HST
| Period | $/sq.ft./yr | Annual | Monthly |
|---|---|---|---|
| Year 1 | $15.00 | $17,775 + HST | $1,481 + HST |
| Year 2 | $20.00 | $23,700 + HST | $1,975 + HST |
| Year 3 | $20.00 | $23,700 + HST | $1,975 + HST |
| Year 4 | $20.00 | $23,700 + HST | $1,975 + HST |
| Year 5 | $20.00 | $23,700 + HST | $1,975 + HST |
Underground Garage — TBD sq.ft.
- Period
- Year 1
- $/sq.ft./yr
- $15.00
- Annual
- TBD
- Monthly
- TBD
- Period
- Year 2
- $/sq.ft./yr
- $20.00
- Annual
- TBD
- Monthly
- TBD
- Period
- Year 3
- $/sq.ft./yr
- $20.00
- Annual
- TBD
- Monthly
- TBD
- Period
- Year 4
- $/sq.ft./yr
- $20.00
- Annual
- TBD
- Monthly
- TBD
- Period
- Year 5
- $/sq.ft./yr
- $20.00
- Annual
- TBD
- Monthly
- TBD
| Period | $/sq.ft./yr | Annual | Monthly |
|---|---|---|---|
| Year 1 | $15.00 | TBD | TBD |
| Year 2 | $20.00 | TBD | TBD |
| Year 3 | $20.00 | TBD | TBD |
| Year 4 | $20.00 | TBD | TBD |
| Year 5 | $20.00 | TBD | TBD |
Risk Flags
Investor-flagged clauses from the lease analysis requiring negotiation or amendment.
§2.5 — Unilateral Landlord Termination
Landlord may terminate at any time with 12 months' written notice and zero compensation — even immediately after a million-dollar buildout.
§3.2 — Underground Garage Area TBD
Garage square footage is unconfirmed. Annual and monthly rent totals cannot be calculated until this is finalized before lease execution.
§3.3 — Additional Rent Rates All TBD
Operating cost pass-throughs are open-ended. Historical data and/or annual caps must be obtained for accurate budgeting.
§3.7 — No Audit Right
Landlord's accountant determines Additional Rent and that determination is conclusive. No audit right exists in the current draft.
§4.2 — Double HVAC Cost Risk
SWL installs its own independent HVAC at full cost, yet still pays a Proportionate Share of the Building's HVAC under operating costs.
§4.4 — After-Hours Access Restricted
Common Area access is limited to Normal Business Hours (Mon–Fri). An F&B operation runs primarily evenings and weekends.
§6.4 — Alteration Approval + Review Costs
All renovation plans require Landlord written consent. Tenant bears cost of Landlord's architect review. Factor into buildout budget and timeline.
§6.7 — All Improvements Become Landlord Property
Every dollar of Tenant-funded construction becomes the Landlord's property upon installation. No compensation. Landlord can then terminate with 12 months' notice.
§8.1–8.5 — Assignment & Transfer Restrictions
Landlord can terminate rather than consent to a transfer. Any profit from a transfer must be surrendered. Change-of-control is broadly defined.
§12.6 — Relocation at Landlord Discretion
Landlord may relocate Tenant to a 'substantially similar' space. For an F&B buildout, relocation effectively means a full second construction project.
Amendment Tracker
10 proposed amendments from the negotiation brief. NON-NEGOTIABLE items are critical to SWL's ability to recoup its buildout investment.
- #
- 1
- Amendment
- Early Termination Protection
- Lease Section
- S.2.5
- Priority
- NON-NEGOTIABLE
- Status
- Open
- #
- 2
- Amendment
- Relocation Clause
- Lease Section
- S.12.6
- Priority
- NON-NEGOTIABLE
- Status
- Open
- #
- 3
- Amendment
- Leasehold Improvements & Trade Fixtures
- Lease Section
- S.6.7 + Sched C
- Priority
- NON-NEGOTIABLE
- Status
- Open
- #
- 4
- Amendment
- HVAC Operating Cost Exclusion
- Lease Section
- S.3.3, S.4.2
- Priority
- NON-NEGOTIABLE
- Status
- Open
- #
- 5
- Amendment
- Assignment & Change of Control
- Lease Section
- S.8.1–8.5
- Priority
- HIGH
- Status
- Open
- #
- 6
- Amendment
- Exclusivity (F&B)
- Lease Section
- New S.5.4
- Priority
- HIGH
- Status
- Open
- #
- 7
- Amendment
- Additional Rent Transparency
- Lease Section
- S.3.3, S.3.7
- Priority
- HIGH
- Status
- Open
- #
- 8
- Amendment
- Overholding & Break Fee
- Lease Section
- S.2.5, S.2.7
- Priority
- MEDIUM
- Status
- Open
- #
- 9
- Amendment
- Building Access (24/7)
- Lease Section
- S.4.4
- Priority
- HIGH
- Status
- Open
- #
- 10
- Amendment
- Right of First Refusal — Adjacent Unit
- Lease Section
- New S.12.7
- Priority
- HIGH
- Status
- Open
| # | Amendment | Lease Section | Priority | Status |
|---|---|---|---|---|
| 1 | Early Termination Protection | S.2.5 | NON-NEGOTIABLE | Open |
| 2 | Relocation Clause | S.12.6 | NON-NEGOTIABLE | Open |
| 3 | Leasehold Improvements & Trade Fixtures | S.6.7 + Sched C | NON-NEGOTIABLE | Open |
| 4 | HVAC Operating Cost Exclusion | S.3.3, S.4.2 | NON-NEGOTIABLE | Open |
| 5 | Assignment & Change of Control | S.8.1–8.5 | HIGH | Open |
| 6 | Exclusivity (F&B) | New S.5.4 | HIGH | Open |
| 7 | Additional Rent Transparency | S.3.3, S.3.7 | HIGH | Open |
| 8 | Overholding & Break Fee | S.2.5, S.2.7 | MEDIUM | Open |
| 9 | Building Access (24/7) | S.4.4 | HIGH | Open |
| 10 | Right of First Refusal — Adjacent Unit | New S.12.7 | HIGH | Open |