For this Stay vs. Move project, Tenant CS benchmarked the rent and searched for alternative options. Due to record low vacancy, there were no suitable alternatives. The best option was to extend the lease; however, the benchmark showed the rent was not in line with market-based on the building quality and the landlord intended to increase the rent.
Tenant CS and the landlord couldn’t come to an agreement on the Market Rent Review for a new option term and an independent valuer was appointed for a rental determination procedure. Based on market comparables, the valuer ruled that the rent should not increase, and the client was entitled to a market incentive to reflect an effective rent review.
As an added bonus Tenant CS ensured that the “No Make Good” clause was carried over from the old lease.
-min%20(1).png)
We acknowledge the Traditional Custodians of the lands on which we work. Our offices are located on the land of the Gadigal peoples of the Eora Nation and the Wurundjeri peoples of the Kulin Nation. We acknowledge their continued connection and contribution to land, water and community, and pay our respects to Elders past and present.
We’re proud to be an inclusive workplace, where diversity in all its forms are valued and every member of our team is encouraged to bring their whole self to work.
.gif)
