Do you Own or Lease Commercial or Retail Premises?Property & Estates
Get timely reminders of your rights and obligations under your Leases and the Retail Leases Act.
What You Get
We offer a complimentary service for Lessors and Lessees of commercial and retail premises providing timely reminders of:
- The annual review of rent, where applicable,
- Lessee’s rights in relation to the exercise of options to renew a Lease,
- A Lessee’s right under the Retail Leases Act to seek an early determination of current market rent in anticipation of the exercise of an option to renew a lease,
- A Lessor’s obligations under the Retail Leases Act to give notice of the Lessor’s intention to offer a renewal or extension of the Lease or not, and
- The pending expiration of Leases.
Don’t Get Caught Out
Significantly, if a Lessor of a retail shop lease fails to give notification to the Lessee of the Lessor’s intention to offer a renewal or extension of a Lease (or not) within the relevant prescribed period (in most cases 6 to 12 months before the expiry date), the Lessee may request an extension of the Lease, in which case, the term of the Lease is extended by operation of the Retail Leases Act until the end of six (6) months after the Lessor gives the required notification.
This statutory extension of the Lease can have significant implications for Lessors who have other plans for the property or better paying Lessees willing to sign a Lease. Similar statutory extensions can arise where a Lessee requests an early determination of market rent.
Whether you own or lease premises, if you would like us to assist by ensuring that your attention is drawn to your relevant rights and obligations at the times that it is appropriate for you to act, simply email email@example.com with your expression of interest and provide us with a scanned copy of your current Lease(s).
If you have any questions or require immediate assistance with renewal, an extension or new Lease of existing premises, please do not hesitate to contact us.