Rent Reviews & Lease Renewals

September 22, 2010 at 3:45 pm

A forthcoming rent review or lease renewal is an important time for both property owners and occupiers.

Below are some relevant points for you to consider.

  • Ensure that you have diarized exactly when the next rent review or lease renewal is due.
  • Review the existing lease to understand the timetable and process involved, at least two months prior to the relevant date.
  • Collate information on fit out levels at the commencement of the lease.
  • Understand the appropriate rental levels applicable to your property from market evidence.
  • Ensure compliance with the relevant timetable in the lease.
  • Engage a professional to advise you on the process.

A Registered Valuer will be able to give the appropriate advice on reviewing the lease documentation prior to review or renewal, present options of different strategies for dealing with the process, advise on rental levels, present a market overview, undertake negotiations on behalf of one of the parties and advise throughout the whole process.

This is an important time in either your business operation, or the ownership of the property and it is crucial that you receive the correct professional advice to maximize the benefit of your situation. Accepting the wrong rental level, costs you real money.

Morice are extremely experienced in the process of rent reviews and lease renewals; it is after all our business. Please contact us for a meeting to discuss this aspect or any of your property requirements.

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Entry filed under: Commercial/Industrial.

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