New NSW legislation changes - what it means for commercial and retail tenants
- Lynne Greenwood
- Aug 22, 2021
- 2 min read
Is your business affected by the recent lockdowns?
The recent debilitating lockdowns suddenly sprung on Sydney is having a profound effect on businesses - both large and small. No matter the size or number of rented properties you lease, a large proportion of businesses are currently being seriously affected by the restrictions and the impact is having devastating effects.
Strive to be enterprising
As the current restrictions are extended, businesses are having to find innovative ways to survive and mitigate their losses, where possible. It is now time to think outside the box to keep your business afloat. Some businesses are indeed being very enterprising in this respect to capture trade in different ways.
Good news for 'Impacted Tenants'.
If your business is continuing to be affected by the recent lockdowns, then there is some good news for lessee's who are leasing their commercial and retail premises.
On 14 August, NSW Government brought out new legislation which applies to 'impacted tenants' from 13 July 2021 to 13 January 2022. Suffering business tenants now have the opportunity to re-negotiate their rents with their respective landlords during this period.
Landlords are obligated to assess the financial impact of your business and comply with the new legislative requirements under the Ministerial Code of Conduct. Tenants will need to have financial evidence of the impact and also comply with the Code.
New Ministerial Code of Conduct legislation
The new legislation 'Retail and Other commercial Leases (COVID-19) Regulation 2021' is provided in the link below. The Small Business Commissioner has also provided a summary:
How can Lease Negotiation Services help you?
Lease Negotiation Services is a trusted and professional service here to help you negotiate your lease in a stress-free way. Our retail and commercial lease negotiating specialists will do everything they can to help you save more on your lease negotiation. Lease Negotiation Services are here to ensure you get the best deal possible, which is absolutely necessary in these difficult times. Don’t delay - contact us today for a free strategy consultation.
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