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BJ Macree, Solicitors & Barristers’ extensive experience in commercial leasing can assist you whether you are a tenant or a landlord or whether you need a new lease or are in an existing lease.
When starting a business for the first time the lease agreement is an important consideration for a tenant. Do you know if the premises are subject to the Retail Leases Act? What is the term of the lease? Do you know the benefits and burdens of a retail lease? Is there an option for renewal? A short lease with an option to renew will afford you the opportunity to test the business where a long lease will lock you in.
A landlord also needs to take into account a range of issues when choosing a tenant.
Do you intend to redevelop the property in the future? Is the property a long-term investment? Does the tenant have the continuing funds to meet their liability under the lease? What is the nature of your tenant’s enterprise? Are they going to create problems for you by the nature of their product?
Many real estate agents use the pre-printed Commercial and Retail Lease form because it is cheaper in the short-term. However, you must be sure that it adequately covers your needs. The printed form is not suitable for registration, which is important in enforcing you rights and obligations.
Leases and franchises often run together so you need to beware of the different obligations. Not all lessors are franchisors. Can you take your franchise with you when your lease runs out?