A new lease on life for commercial and retail property

A new lease on life for commercial and retail property

An enduring image of the COVID-19 global pandemic was that of empty shopfronts as, one after the other, retail and commercial premises closed for business. In South-East Queensland, the grim picture was exacerbated by the collapse of the tourism industry, a double whammy from which questions soon shifted from how the region would recover, to if it would recover.

The answers are now filtering through, and they include tentative but encouraging signs of renewed optimism, availability and activity in commercial and retail property leasing.

Furthermore, in this week’s Federal Budget, Treasurer Josh Frydenberg clearly identified SMEs as vital for Australia’s ongoing economic recovery and prosperity – and this carries clear ramifications for the commercial and retail sectors in which owned and leased SMEs are so prominent.

If you are thinking about taking on a commercial or retail lease, there is no better time to talk to the Commercial Law team at Ballantyne Law Group. We specialise in commercial and retail leasing and can provide the guidance you need before signing on the bottom line.

There is much to consider. Firstly, despite the anticipation that comes with launching a new business or taking over an existing entity, never sign a commercial or retail lease without being fully aware of all it entails for you and your landlord.

Secondly, commercial and retail leases come in various forms — short-term, long-term, monthly, quarterly, annual — so it is imperative to select the most appropriate lease for your business.

Perhaps a short-term rental is your preferred choice, enabling an easier and potentially less costly exit should things not pan out. On the other hand, short-term leases can work against you, such as if the landlord asks you to vacate the premises just as your business is making positive inroads into the marketplace.

The attraction of long-term leasing lies in its certainty of tenure, which is reassuring if your business is performing well and you need time to focus on continued growth. The downside of a long-term lease lies when your business does not achieve its perceived potential, leaving you open to substantial penalties should you be forced to break the lease before its time.

There are so many factors to consider when leasing. Where is your business located? Is it a new enterprise or an existing concern? If it is in a shopping centre, are you aware that there will be associated restrictions and requirements?

So, before the Closed for Business signs come down and the Open for Business signs go up, Ballantyne Law Group will:

  • guide you through every clause of the lease and every step of the leasing process
  • help you negotiate terms with your landlord
  • keep you fully informed on all your rights, obligations and liabilities
  • ensure a fair, reasonable and legally binding rental contract

To discuss how Ballantyne Law Group can help you with commercial and retail leasing on the Gold Coast and Brisbane, contact us at 07 5606 7332

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