Property & Conveyancing
We offer advice for individuals entering into a retail lease
Entering into a retail lease is a large commitment for both the tenant and the landlord. As with all leasing agreements, a retail lease comes with its own risks and potential problems. Retail leases are often longer-term agreements. These contracts can often span anywhere from 5-25 years.
If a property is used for selling goods and services to the general public, the lease will likely fall under the retail category. Depending on the state and specific location of the property, the lease will be subject to different retail leasing acts.
Compared to commercial or industrial leases, retail leases have more regulations and rules in regard to the way they work. There is more protection for tenants of a retail lease in comparison to some other leasing types.
The legal team at Burgess Thomson can advise you throughout the entire leasing process. It is important that you know if you are in a retail lease and you have a clear understanding of your rights and responsibilities as a tenant of a retail property.
Find out more about how we can help Buying Property.
When does a retail lease start?
A retail, commercial lease commences on the date specified by the landlord and tenant on the lease agreement. Once the contract agreement is signed by both parties the lease is effective on the established date.
What actions has the government taken on retail leases since the Covid-19 pandemic?
During the peak of the coronavirus pandemic in Australia, the NSW government enacted the Retail and Other Commercial Leases (COVID-19) Regulation. The Regulation put in place temporary measures to share the economic impacts of the COVID-19 pandemic between commercial property owners and tenants. Although this regulation lapsed at the end of the JobKeeper initiative, the government has introduced legislation to amend the Retail Leases Act 1994. This amendment is in place to protect tenants in relation to circumstances surrounding the covid-19 pandemic.