LOCAL KNOWLEDGE
WORLD CLASS EXPERTISE
SIMPLIFYING YOUR COMMERCIAL PROPERTY INVESTMENT JOURNEY

Since the Victorian economy has reopened last month albeit with some restrictions still in place, our office has seen a marked increase in the resolution of rent relief arrangements with tenants.

Many tenants have had rent relief arrangements in place from April to September but not all of them have requalified for Jobkeeper from October 1st for relief until December.

It has also been our experience that many tenants have submitted rent relief requests late or that their application does not comply with the renewed regulations. Therefore, our discussions with various tenants continue until a suitable resolution is found.

The Retail Leases Amendment Act 2020 (Vic) came into full effect on 1 October 2020. It creates significant change to the way retail premises are leased and managed.

A summary of the key changes include:

Essential Safety Measures Security deposits New Leases Lease Renewals

The Victorian Government has extended the Commercial Tenancy Relief Scheme (the Scheme) until the end of this year. The relevant scheme period now ends on 31 December 2020, and an eligible lease still requires the tenant to be an entity entitled to a Jobkeeper payment.