There are two main types of commercial property leases in NSW:
For premises such as shopping centres, hairdressers and restaurants. Legislation for retail leases impose strict disclosure obligations both on the tenant and landlord.
Business or industrial leases
For premises that do not constitute retail spaces, such as office and industrial buildings. Commercial and industrial leases are not usually standard documents particularly those with terms greater than 3 years which under the Real Property Act 1900 have to be registered. Accordingly, these leases are normally prepared by a solicitor and contain significant obligations for the tenant.
Advice to Tenants
We will help you negotiate the best terms possible and help you understand your rights and responsibilities.
The tenant/lessee is obliged to:
- Make periodic payments of rent
- May pay additional costs such as rates and strata levies
- Keeping the premises, including any fixtures and fittings in good condition
- Repair any damage
- At the end of the lease, bear the cost of restoring the premises to their original condition
The tenant/lessee also has rights stated in the contract. It is important to understand these to fully protect yourself during the term of the lease.
Advice to Landlords
We will provide you with tailored advice. We can provide debt recovery services to assist with collecting any unpaid rent or levies, negotiate periodic rent review or abatements of rent on your behalf and ensure that your tenants are meeting their obligations under the lease.
One of the major issues that can arise under a commercial lease is the assignment of the lease or the execution of a sublease. A sublease involves the tenant leasing some or all of the premises to another party. An assignment of a lease occurs when the tenant or subtenant transfers to lease to another party. We will keep you advised as to your rights in these transactions and ensure you are adequately protected.
Contact us to arrange a consultation about leasing a business