Tenant Leasing Group (TLG)

Prime Minister announces there will be a Covid-19 code of conduct for commercial tenants and landlords

Image Source: Commercial Real Estate

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.

Specialist advice on warehouse, multi-site retail, office & industrial property in Australia.