A lease is a legally binding contract between two parties (1) the lessor (or landlord) and (2) the lessee (or tenant), that defines their rights and obligations with respect to property. The key distinguishing factor between a lease and licence is that a lease entitles the lessee to exclusive possession whereas a licence does not. Commercial lease is a catch–all term that describes all leases of a commercial nature including retail leases.
When it comes to business leases, the lease you require depends on the nature of the business you wish to conduct on the premises. You will require a retail lease if you wish to use the leased premises, wholly or predominantly, for the purpose of a business that is prescribed by legislation as being a retail lease e.g. shops found in shopping centres etc or, in summary, a business that engages in the selling, hiring or providing of goods or services to the public in a retail setting. In NSW, retail leases attract additional regulation under the Retail Leases Act 1994 (NSW) and generally provide greater protections for the lessee than commercial leases.
Whilst resembling retail leases, commercial leases contain a number of complexities that can be overlooked. These oft–overlooked intricacies can have far–reaching implications for the future success of your business or investment. If you are a landlord or a tenant, the involvement of an experienced commercial leasing lawyer can ensure the preservation of your interests in your commercial leasing agreements.
For landlords, the appropriate drafting of a lease agreement is essential for the protection of your investment. We ensure that the lease complies with all relevant laws and regulations to ensure its enforceability. For tenants, a commercial leasing agreement may impact your business practice, the opportunities you pursue, and your options for expansion and relocation in future. It is important to negotiate appropriate terms at the outset.
At Heathfield Grosvenor, we take the time to understand your business so that we may provide commercially intelligent advice that is tailored to your objectives. We ensure your understanding of your rights and obligations under it so as to avoid discrepancies that might arise in future due to misunderstanding or breach. This approach is consistent with our objective of offering effective and affordable legal solutions.
Our NSW based team of commercial leasing specialists can assist with a number of services, including:
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