Business & Commercial Leases

A lease is an agreement between a landlord and a tenant granting rights to a tenant to occupy premises owned by the landlord. Our commercial lawyers can assist you in all aspects of leasing including negotiating and entering into a lease, exercising an option to renew, assigning or transferring your lease, disputes relating to leases, or matters relating to a licence or a sublease.

Leases for businesses generally fall into one of two categories: Retail Leases and Commercial Leases.

Retail Leases

As the name suggests, relate to leases over retail premises. To answer whether a specific lease is a retail lease or not, it is necessary to refer to the Retail Leases Act. If a lease is governed by the Retail Leases Act there are obligations of disclosure on each of the landlord and tenant along with a number of other rights and responsibilities of both parties.

Business or Commercial Leases

Business Leases that are not covered by the Retail Leases Act are generally referred to as Business or Commercial Leases. Whether you are the landlord or tenant, it is imperative to ensure that all necessary considerations are addressed prior to entering a Commercial Lease including what will happen if there is default, what constitutes a default, how the lease ends and what happens after a lease has ended. Our commercial lawyers are experienced in drafting commercial leases as well as advising tenants on their rights and responsibilities under a lease.

For Landlords

A commercial lease prepared by Prime Lawyers will cover such items as:

– collecting unpaid rent and or other moneys owed under the lease;

– return of your premises and claims for future losses upon default;

– assignment or transfer of lease, in the event the premises is sold;

– rent review, bonds and insurance;

– director’s guarantees or personal guarantees.

For Tenants

Securing your rights to the premises of your business is often the key in operating a successful business. Prime Lawyers understands that the premises will often have a direct affect on the value of your business and will ensure that you not only understand the contents of the lease so that you can make an informed decision when entering into the lease, but suggest and assist negotiate terms to protect you and enable your business to remain, by successive option periods. Some key points often overlooked when entering a commercial lease include:

– unexpected outgoings, such as cleaning, lift and air-conditioning maintenance.

– duties and liabilities as a tenant.

– assigning or transferring the lease if you outgrow the premises.

– damage to the premises, making good the premises and painting and decorating following the end of the lease.

If you are the owner of a commercial premises or are about to enter into a commercial or retail lease we can provide you with the advice to make the best decisions. Please get in touch with your nearest Prime Lawyers office.