Covid-19 Rent Relief
On Tuesday the 7th of April 2020, the Morrison Government announced a mandated Commercial Tenancy Code which outlines the formula for landlords and tenants to negotiate reduced commercial rent terms as a result of Covid-19. Whilst clear in principle, the code requires industry expertise to ensure commercial tenants receive the maximum levels of rent reduction over the appropriate time period of its Lease.
The Commercial Tenancy Code has created ‘good faith’ principles to guide discussions between commercial landlords and tenants who have been drastically impacted by the COVID-19 Pandemic. As such, Landlords are to provide their tenants with a rent reduction proportionate to their loss in revenue. To qualify, tenants must have an annual turnover of less than $50 million and be JobKeeper participants.
Further detail can be summarised by clicking here.
CR Commercial Property Group understands the critical need for rent relief to assist our clients through these difficult times.
We are here to operate as an extension of your business and to ensure a fair and maximised rent reduction is achieved for all during this period.
To find out more about our Rent Relief Services and to expedite your rent relief as a result of Coronavirus, please be in contact by clicking here