Retail Leases
In NSW, the Retail Leases Act, 1994
governs the relationship between Landlords and Tenants
concerning retail shop leases.
C&M Lawyers provides comprehensive advice
for retail Landlords and Tenants on one of their biggest
investments, their retail lease.
In general, we will:
1.
Explain the Landlord’s obligation to provide a
prospective Tenant, as soon as the Tenant enters into
negotiations with the Landlord or its authorised
representative concerning a prospective Lease of premises, a
copy of the prospective Lease and a copy of the NSW Retail
Tenant’s Guide;
2. Explain
the Landlord’s obligation to provide the prospective Tenant,
at least seven (7) days before the Lease begins, with a copy
of the Landlord’s disclosure statement;
3. Ensuring
that the Landlord’s disclosure statement includes all the
agreements the Landlord and Tenant have reached during
negotiations and any promises and/or representations made by
the Landlord or its authorised representative;
4. Explaining
the provisions of the Lease including but not limited to:
(a)
The term of the Lease;
(b)
The availability of option periods;
(c)
The description of the retail shop;
(d)
The amount of rent to be paid during the term of the
Lease and any option for renewal;
(e)
The frequency and means by which the rent will be
reviewed;
(f)
The permitted use of the retail shop;
(g)
The outgoings to be paid during the term of the Lease
and any option for renewal;
(h)
The requirement of a security deposit or bank
guarantee;
(i)
The obligation on the Tenant to repair and maintain
the retail shop; and
(j)
The existence of any relocation and/or demolition
provisions.
5. Explaining
the importance of checking with Local Council to make sure
that development approvals are in place for the permitted
use of the retail shop;
6.
Explaining the mechanisms of dispute resolution
provided by the Retail Leases Act, 1994 for disputes
between the Landlord and Tenant of a retail shop Lease.
If you would like further information or
advice (either as a Landlord or Tenant) or assistance in
negotiating or drafting your retail Lease please do not
hesitate to
contact us.
|