Commercial and retail tenants who are continuing to be affected by COVID-19 will have greater certainty over the coming months with the NSW Government announcing that the Retail and Other Commercial Leases (COVID-19) Regulation (which enacted the Commercial Leasing Code of Conduct) (Regulation) will be extended until 31 December 2020.
Tenants will be required to re-establish their eligibility under the extension to the Regulation if they wish to request further rent relief.
The NSW Government has also committed further resources to NSW Small Business Commission to assist in the delivery of more mediation and advisory services to assist landlords and tenants come to new leasing arrangements.
Additionally, landlords will also be able to receive up to 25 per cent land tax concession where they provide rent relief to commercial and residential tenants in financial distress from October to December.
We’ve assisted many clients to understand their rights and obligations regarding rental reductions under the Regulation over the past months, so please contact us should you wish to discuss your commercial leasing options and obligations further.