They may be attracted to some premises because there is a large tenant on the same site, such as a supermarket chain. B or a department store (known as the anchor tenant). Your business can even count on the foot traffic they generate. If so, you will negotiate a clause in the tenancy agreement that will give you the right to terminate the lease or get a rent reduction if the anchor tenant leaves or if the total number of tenants inside the building or shopping centre is reduced. You need to make sure that your business lease contains specific terms and conditions for your business, to ensure that you are working profitably. Some important concepts are listed below: for many leases covered by the Commercial Tenancy (Retail Shops) Agreements Act 1985 (CT Act), a tenant who enters into a new lease for a retail store is entitled to a minimum tenancy period of up to five years. If the tenancy agreement does not provide for a five-year term, a tenant has the option, under the TC Act, to renew it (legal option). You`ll be late with your lease if you don`t pay your rent on time. This will allow the landlord to take steps to recover the rent.
In many leases, the landlord also has the right to enter the premises and block you without notice. The Australian Department of State`s „Look before you lease: Avoiding the fall in retail leasing“ booklet is for people considering signing a new lease for an economic site. It can help answer general questions about retail leasing throughout Australia, but remember, there are some specific differences between states and territories. This part of the lease indicates the amount of the money in the form of a deposit and the terms of return of the deposit. The VA government has introduced the Commercial Tenancies (COVID-19 Response) Act 2020, and its rules contain a new code of conduct designed to help tenants and commercial landlords enter into lease agreements during the COVID-19 coronavirus pandemic. For more information, see Commercial Lease Contracts – COVID-19 Response The tenant leader must be installed on the front of the lease and included in the disclosure statement. It is important that you are aware of the operating costs you have to pay before signing a lease, as they can significantly increase your total cost. Many commercial leases in the VA are governed by the Commercial Tenancy (Retail Shops) Agreements Act 1985.