Make the tenancy legible to a buyer.

Start with the actual tenancy documents

Collect the signed lease, amendments, renewals, assignments, consents and side agreements. Check whether the file describes the agreement operating today. A summary spreadsheet is useful, but the signed documents and legal review establish the rights being transferred.

Identify the tenant entity, premises, term and any options or special rights. If information is missing, record the gap and investigate it. Do not present a reconstructed assumption as a settled lease provision.

Reconcile rent with collected income

Show scheduled base rent, additional rent arrangements and actual payment records separately. Explain credits, arrears, inducements or temporary concessions where relevant and authorised for disclosure. Contract rent and collected cash are different observations.

Keep operating-cost reconciliations and the allocation of repair responsibilities available. A buyer must understand which expenses are recoverable and which remain with the owner. Gross receipts alone do not establish net income.

Identify future obligations

Review deposits, prepaid rent, allowances, outstanding work and any landlord commitments. Clarify which rights or obligations continue after closing and how amounts are handled in the transaction. Ask counsel to prepare the necessary assignment and closing documentation.

Check upcoming renewal, termination, expansion or purchase rights. A tenant’s ability to change the term can affect a buyer’s possession and income plan. Do not advertise an income stream as certain beyond the agreement and evidence supporting it.

Understand condition and responsibility

Record building condition independently from the lease’s allocation of repairs. A tenant obligation to maintain something does not prove the work has been done. Gather inspections, maintenance correspondence and unresolved deficiency records where disclosure is appropriate.

Discuss how a buyer can investigate the premises without disrupting the business. Access rights and notice requirements must be respected. Qualified inspections can still be needed when a property is occupied.

Coordinate communication with the tenant

Create a clear point of contact and an agreed tour process. Explain practical scheduling and confidentiality expectations. A sale campaign should not expose tenant customer information, security details or private business records.

Have counsel review requests for tenant confirmations or estoppel documents. Such documents can be important evidence, but their scope and wording matter. Avoid pressuring a tenant to confirm a summary they have not properly reviewed.

Prepare an income-focused diligence package

Organize documents by topic and label dates. Distinguish owner-supplied figures, accountant records, signed rights and professional inspections. A buyer should be able to connect an income line to a lease clause and a payment record.

Use appropriate secure sharing for financial and tenant information. Public marketing can describe a supported tenancy position without publishing the entire lease. Keep a record of who received sensitive documents and under what transaction process.

Close the transfer deliberately

Coordinate tenancy notices, deposit and rent adjustments, document delivery and ongoing contacts with the lawyer and broker. Confirm how the tenant will receive verified instructions after closing. Payment directions should not change because of an informal email alone.

Keep the final adjustment statement and transferred records. Selling a tenanted warehouse is a property transaction with ongoing rights and responsibilities, not simply a vacant possession sale with rent mentioned in the description.

Take this checklist to the conversation

• Gather every signed lease document and side agreement.
• Identify the contracting tenant and defined premises.
• Separate scheduled rent from collected income.
• Reconcile deposits, credits and outstanding obligations.
• Review options and future possession constraints.
• Respect tenant access and confidentiality.
• Obtain professional review of confirmation documents.
• Coordinate notices, records and closing adjustments.