Our team can help you through your next Commercial Property Lease. We can review your Lease prior to execution and provide you with guidance on any amendments that you may need to protect your interests.
Leasing a Commercial Property
From shops to office space we can assist. We can review your Commercial Property Lease prior to you signing it so you have peace of mind.
There are a lot of factors that must be considered when entering into a commercial Lease. Some of the things to keep in mind are:
We can assist with drafting a Commerical Lease on behalf of a Landlord or if you are a prospective tenant we can review a Lease that you have been asked to sign.
Retail Shop Tenancy Leasing
A retail shop tenancy lease has a few more elements to consider under the Retail Shop Leases Act 1994 (QLD). The Queensland Government has some general information available here.
There are a number of additional documents required for this type of Lease. The Act is designed to afford protection to Tenants and ensure Landlords are provided with sufficient information by a prospective Tenant to make an informed decision.
Disclosure Statement
A Landlord must provide a Disclosure Statement to a tenant at least seven (7) days prior to the execution of a Shop Tenancy Lease. This document provides a prospective tenant with information relating to the lease including outgoings, fit-out requirements, ongoing contributions or costs such as shopping centre advertising or maintenance.
A Tenant should read this document carefully and understand the financial and legal obligations prior to signing a Lease.
Lessee Disclosure Statement
A prospect tenant must provide a Lessee Disclosure Statement to the Landlord at least seven (7) days prior to the execution of a Shop Tenancy Lease. This document provides a prospective Landlord with information relating to the Lessee including any experience running a business, intended use of the premises and financial position.
This information allows the Landlord to make an informed decision in relation to entering into a Lease.
Legal Advice Report
A prospect tenant must provide a Legal Advice Report to the Landlord, usually at the same time as the Lessee Disclosure at least seven (7) days prior to the execution of a Shop Tenancy Lease. By providing this to the Landlord, the tenant is assuring them that they have sought independant legal advice in relation to the Lease. As part of your lease review we can provide this service to ensure you fully understand what you are signing.
Financial Advice Report
A prospect tenant must provide a Financial Advice Report to the Landlord, usually at the same time as the Lessee Disclosure at least seven (7) days prior to the execution of a Shop Tenancy Lease. This document assures the Landlord that a tenant have sought indpendant financial advice in relation to the Lease. This ensures that you are aware of the financial obligations under a Lease and if you are engaging in an endeavour that is commercially viable to your business.
The Financial Advice Report would have to be completed by your regular accountant or financial advisor and relates to the costs associated with the lease such as rent, utilities,
Heritage Legal Group can assist you as either a Landlord or Tenant.
Please contact us if you have any questions.
