Prime Minister announces there will be a Covid-19 code of conduct for commercial tenants and landlords
I just tuned into the Prime Minister’s latest announcement on Commercial Lease issues and have put together a brief summary:
* Industry Code coming – all parties to get together and understand each others needs. Next cabinet meeting Tuesday morning
* For effected businesses and on the job keeper package and turnover < $50m there will be a mandatory code of practice
* Both parties neg in good faith
* Proportionality principle – T/O effected by COVID-19 this will have to reduce rent by the amount that has been effected
* Leases cannot be terminated
* Councils and state govts going to provide further relief for landlords
* Banks need to be across these principles
* There will be a code of behaviour on how to negotiate and mediation will be available on the other side
Hope you find this useful!
#landlords #rent #leases #property #COVID-19 #proportionalityprinciple #rentalabatement #survival #otherside
Phil Reichelt
Founder & Principal, Tenant Leasing Group (TLG)
Phil leads TLG with 25+ years experience as a property advisor & tenant representative in Australia and New Zealand.
He specialises in multi-site retail, mixed-use office & industrial, and warehouse leases of up to 5,000sqm.
Trusted by clients, Phil negotiates competitive rentals, incentives, and favourable lease terms for retailers, eCommerce, legal, financial services, and other commercial occupiers.