What is a Commercial Lease?
A Commercial Lease is a document given to a tenant (lessee) who is acquiring premises for the purpose of running their business. It is a LEGAL binding contract between the lessee and the landlord.
What is a Retail Lease?
Retails leases are commercial leases for a retail shop or in a retail shopping centre. Specific rules apply to retail leases governed by the Retail Leases Act.
What does the Lease do?
A lease defines what the premises can or cannot be used for, how long you are entitled to occupancy, and outlines who is responsible for such matters as maintenance, rates, rent variations, etc.
Why do I use Cutlers The Law Firm?
Mark acquired premises not far from the city, which was paramount to the growth of his business. His lease was 3 X 3 in other words 3 years with a 3 year option. Future rent was set out in the lease.
Mark’s business boomed, in fact it was in the top ten percent for growth within two years. Mark’s lease required him to give notice 6 months in advance re his option intention. Due to his time being totally taken up with his business growth he forgot the option time frame.
The landlord was therefore not bound by the terms of the Option. The landlord knew how well the business was going so he increased the rental by 65%. Mark could not afford to move, he had to pay the new rent.
GET YOUR SOLICITOR TO ENSURE YOU FULLY UNDERSTAND WHAT YOU ARE UP FOR BEFORE YOU SIGN A LEASE.
Contact us to make an appointment with an experienced solicitor.