The renewal of a commercial property lease gives an opportunity for both landlord and tenant to consider their interest in a property. This area of property transactions is complicated by statute, case law and procedure. Drew Pearce’s professional team have a wealth of experience acting on behalf of both landlords and tenants in lease renewal situations. It is important for both parties to take early advice in respect of rental values, length of lease, redevelopment/refurbishment and often the likely strength of the position of the other party.
It is an opportunity for tenants to negotiate a differing length of term, perhaps with the inclusion of a break clause and for the landlord to modify an existing lease in order that recent statute and drafting developments can be incorporated into a new agreement.
When considering a lease renewal, tactics and timings are vital and both parties are advised to take early advice.
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