Posted by Elizabeth Gore-Jones
on 11 March 2024
Are you in the retail business and wondering about your lease terms? Here's a tip: Early determination of rent can be a game-changer!
If you have a retail shop lease, don't hesitate to ask your landlord for an early determination of the rent, especially for a market review at the option period. This proactive approach allows you to gauge the landlord's intentions regarding rent charges, helping you make informed decisions about renewing the lease.
While these provisions are not typically available for commercial leases (which do not fall within the Retail Shop Leases Act) negotiating them into your agreement can offer tenants with valuable certainty as to the rental for the option period before it decides to exercise that option.and landlords with a means to prevent potential disputes about rental at market review and to indicate earlier whether it should be advertising the premises for lease if the current tenant does not intend to exercise the option to renew.
At the Franchise & Business Lawyers, we specialise in navigating lease agreements and in ensuring our clients' interests are protected. Reach out to us today for expert guidance and support!
Author:Elizabeth Gore-JonesAbout: Elizabeth specialises in franchising law. She lectures at Bond University PLA in franchising, she sits on the Queensland Law Society Franchising Committee, she is a past member of the Women in Franchising committee and a past member of the Franchise Council of Australia.
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