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Commercial Tenant

Commercial Tenant

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Frequently Asked Questions

Commercial Tenant

Commercial Tenant

Do I have to pay a bond?

Generally speaking yes, a bond of 3 months rent and outgoings is required. However, this can be negotiated at the commencement of the lease. The bond can also be a cash bond or a bank guarantee.

How do I pay my rent?

Once a tenancy has commenced our preferred option for rent payments is BPAY. Your unique reference number will have been given to you upon signing of the lease.

Alternatively, you can post or drop in a money order or cheque to our office.

Do we have to use a Solicitors lease? And if so, who pays the costs?

A solicitor's lease is preferable, and the cost is paid by you the tenant. The only time this isn't applicable is in a retail lease – under a retail lease the costs for lease preparation are paid by the owner. A lease drawn up by a solicitor better protects you and the owner in the event of a dispute.

What happens if I sell my business?

You will need to contact your Commercial Property Manager as soon as possible to organise for the owner to approve an Assignment of Lease document. It would be usual for you to assign your lease to the purchaser with the owner's permission. In some instances, if the lease is nearing its end the purchaser may wish for the Assignment to become an Assignment and Variation to extend the lease.

Do you do inspections?

Yes, we do inspections on commercial properties every 6 months. We will arrange a time that is suitable to you and your business to conduct the inspection. This is an opportunity to have a chat with your Commercial Property Manager about any queries you may have. Photos will be taken of the premises to attach to the inspection for the owner.

How often will my rent be reviewed?

This is usually negotiated at the commencement of the lease but would generally be every 12 months. The lease will stipulate the type of rent review (market, fixed percentage or CPI) and you will be given notice of the review and amended rent amount.

What happens when I vacate the premises?

Once you have vacated the premises and returned the keys your Property Manager will arrange to do a final inspection. The commercial lease stipulates the makegood required but in general this would be removing all of your equipment and signage and repainting the premises. Once the premises have been restored to their original condition the Property Manager will authorise the release of your bond or bank guarantee.