LEASES
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RETAIL LEASES
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COMMERCIAL LEASES
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TRANSFER OF LEASE
Retail Leases Act 1994 (NSW) (“RLA”)
What it means for the Landlords?
If you own a retail or commercial premises where the RLA applies, you are required to provide a Lessor’s Disclosure Statement to your Lesse prior to the commencement of your lease.
Failing to provide the Lessor’s Disclosure Statement or providing false or mislead information in the Lessor’s Disclosure Statement may give rise to the following:
• Delay in lease commencement.
• Right to early lease termination of the lease by the Lessee.
• Right of the Lessee to avoid paying outgoings.
• Potential compensation claims by the Lessee.
• Penalties for the Lessor under the RLA.
• Reduced bargaining power for the Lessor in lease negotiations or disputes.
Retail lease in a shopping centre ?
Acting for the Tenant
If you are lessee looking to take up a retail lease in a retail shopping centre, you must be mindful of the following clauses in your shopping centre lease, each of the below may cause devastating impacts to your business:
Demolition Clauses: this type of clause can permit the landlord to terminate the lease if they decide to demolish the building.
Relocation Clauses: these can allow the landlord to move the tenant to a different space within the same building or complex… relocation and re-fit out costs should be covered by the Lessor
Turnover Rental: this is very common among shopping centre leases. It is additional rent based upon the turnover of your business.
Annual Rental Increases: Leases will always provide for annual rental increases. These are either a fixed percentage increase, in line with CPI (Consumer Price Index), or a market review.
As a savvy business owner, it is important that you thoroughly understand your lease terms.
Our team is here to guide every step of the process and negotiate on your behalf to ensure that you get the best out of your lease.
Contact us
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Suite 4.06, 10 Century Circuit
Norwest NSW 2153
AUSTRALIA
PO BOX 7905 NORWEST BC NSW 2153
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