Renting – Commercial

Renting – Commercial 2020-02-05T13:51:12+00:00
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Thank you for being one of O’Neil Real Estate’s valued commercial tenants.

Congratulations on your successful application for a commercial property. We’d like to take this opportunity to welcome you as a valued client of O’Neil Real Estate and wish you every success in your business. We have prepared the following important information relevant to your tenancy, as well as any obligations you will be expected to meet throughout the term of your lease.

UTILITIES
With the exception of any sub-metered premises and all Water Corporation accounts, it is your responsibility to ensure that the relevant service and utility providers (electricity, gas & telephone) are contacted at the commencement of your tenancy to establish all accounts directly in your name

KEYS
You will be provided with a set of keys to the property at the commencement of the lease. Please be advised that our office does not hold spare keys for commercial tenancies so should you lose or misplace these keys at any time it will be your responsibility to replace them.

RENT PAYMENTS
Commercial rents and variable outgoings (if applicable) are payable monthly in advance on the 1st of each month. Invoices will be issued to you via email on the 15th (or next working day) of each month. Outgoings payable on demand will be issued as they are received by statutory bodies.

Please ensure that payments are received by our office by the due date as your lease may provide for interest to be charged on overdue amounts. 

Our preferred method of payment is BPAY. BPAY payment can be made through your financial institution’s telephone or internet banking system. Details of your BPAY biller code and customer reference number will be provided to you at your lease signing appointment.

Please note that BPAY payments usually take between 24 and 48hrs to be received by our bank. Therefore, to ensure your rent is paid by the due date we suggest that you allow time for this processing period.

For security reasons, cash payments at our office WILL NOT be accepted. Should you be  unable to make payments to our office via our BPAY system, cheques and money orders may be posted in. Alternatively, we do have access to the Rental Rewards payment system will allows for payment via credit card. Use of this facility will incur additional services charges.

GST
If the owner is registered for GST, GST will be charged on all rent, outgoings, rates and taxes as required by the Australian Tax Office. A tax invoice will be provided showing the amount of GST charged.

RENT ARREARS
As explained by our staff during the lease signing process, our office has adopted a zero tolerance policy towards late rent payments. As managing agents, we have an obligation to the owner to ensure that the rent is paid in full and on time. For this reason, all tenants 7 days in arrears will receive formal notification from our office followed by a Notice of Default. Failure to rectify an breaches for non payment may result in the tenancy being terminated and the owner taking possession of the premises.

If you are having financial difficulties and are unable to pay your rent on time, please contact our office to discuss.

PROPERTY CONDITION REPORT
Our office will complete a detailed Property Condition Report (with photos) as evidence of the condition of the property at the commencement of the lease, and provide you with a copy for your records. This report is referred to at the end of the tenancy to determine if any deductions are required from the security bond. It is recommended you read through this report thoroughly, provide comments as applicable, return one copy and ensure you retain your copy in a safe place.

MAINTENANCE
Your lease agreement will determine who is responsible for repairs, maintenance and replace of items at the property. In most commercial leases, the tenant will be responsible for the maintenance and repairs to the premises.

For repairs that are the owners responsibility, it is a requirement that all repairs and maintenance notifications (other than emergencies) are lodge via our online ‘Maintenance Manager’ system.

The system utilises a smart phone app or desktop login via our website to conveniently lodge your requests and photos. Once your request is lodged you are provided email updates to ensure maintenance is tracked, followed up and resolved in a timely manner. Details on how to use this system are included with your paperwork.

For repairs that are the tenants responsibility (this includes air-conditioning, rollers doors, fire equipment servicing and gutter cleaning) it is a requirement that annual servicing be arranged with qualified contractors. Your lease will require you to provide evidence of this during the tenancy.

EMERGENCY REPAIRS
An emergency is defined as something that may harm someone, cause further damage to the property if left unattended, or affecting the supply of essential services (water, power etc). In the event of an emergency, please contact our office immediately. Should an emergency occur outside of our office hours, refer to the Emergency Plan enclosed (additional copies may be downloaded from our website).

LEASE RENEWALS/OPTIONS
Your lease may provide Options for one or more terms to extend the lease. Notice periods will differ in some contracts, however in most cases your will be required to provide 3 months notice in writing of your intention to take up the Option. Standard forms for confirmation of this can be found on the ‘Renting/Commercial Tenant Information’ page on our website. Failure to provide this notice within the required time frame could result in your lease being terminated by the owner.

RENT REVIEWS
In most cases rent reviews will be conducted on a 12 monthly basis and you will be notified of any changed in writing. Dates that reviews will be conducted and the method by which they will be calculated can be found in your lease agreement.

INSURANCE
Please be aware that the building insurance policy held by the owner does not cover your stock, equipment or any loss of trade insurance. It is recommended that you obtain your own cover for these and any other relevant insurance for your business; in most cases your lease will also require you to obtain your own cover for plate glass and public liability insurance.

ASSIGNMENT OF LEASE
Please be aware that you are not permitted to assign or sub-let the premises without prior approval of the property owner. If you considering sub-leasing part of the premises or selling your business it is recommended that you discuss this with our office to obtain information on the process and costs in doing so. Changed to occupancy without owner approval will constitute a breach of your lease agreement.

GIVING NOTICE
Your lease agreement is a legal contract providing protection to both you and the landlord. In all instances, regardless of whether the owner requires possession or you wish to terminate your tenancy at the end of your term notice is required in writing. Periods of notice will be outlined in your Lease Agreement. If you are unsure of the required notice for your tenancy, please contact our office. Please ensure that during your notice period you continue to pay rent on time.

 PRE-VACATE
Upon receiving our notice of intention to vacate the premises our office will contact you to arrange a pre-vacate inspection. This will give us an opportunity to go through the property and bring your attention to any items that will need to be rectified prior to handover and answer any of your questions.

MAKE GOOD
Your lease will stipulate the “make good” requirements for the end of your tenancy. This can include any painting requirements, removal of any signage and removal and “make good” of any fit out or alterations you have made to the property. If you have any questions in relation to this, please discuss this with a staff member.

THE FINAL INSPECTION
Once you have vacated the premises and returned the keys to our office, we will undertake a final inspection of the property to ensure the make good requirements have been completed and conditions of the lease have been met. Some of these conditions will include the carpets being professionally cleaning, workshop floors high pressure cleaned and evidence of servicing certain equipment. The final inspection will be carried out using the ingoing Property Condition Report as a reference. Discrepancies in cleaning or damages will be claimed against you bond, except those resulting from fair wear and tear.