Victorian Regulations Affecting Commercial Leases During COVID-19 Finally Released (4 May 2020)

New Victorian Regulations designed to mitigate the effect of the COVID-19 (coronavirus) pandemic on “eligible leases” in Victoria have finally been released. They shall apply retrospectively from 29 March 2020. A Mandatory Code was announced by the Federal Cabinet in April 2020, but this contained high level “leasing principles” only [...]

2020-05-04T09:42:33+10:00May 4th, 2020|Categories: Commercial, Property|Tags: , |

PM Announces Details of Mandatory Code of Conduct for Commercial Leases: COVID-19 UPDATE (8 April 2020)

The Prime Minister announced yesterday the introduction of The Mandatory Code of Conduct (the Code). The Code sets out a series of guidelines for negotiated solutions to financial distress caused by the COVID-19 crisis in the commercial leasing context. It addresses, among other things, tenant relief eligibility requirements, mandatory rent [...]

2020-04-15T14:53:51+10:00April 8th, 2020|Categories: Commercial, Property|Tags: , |

Commercial Lease COVID-19 Update (30 March 2020): PM announces 6 month moratorium on termination of commercial leases, urges landlords and tenants to renegotiate lease terms

Following our previous update on the escalating COVID-19 situation in the commercial lease context, the Prime Minister has just announced a 6 month moratorium on termination of commercial and residential tenancies for non-payment of rent. There have also been additional reports today that Banks will allow commercial landlords with loans [...]

2020-03-31T08:54:55+11:00March 30th, 2020|Categories: Commercial, Property|Tags: , |

Commercial & Retail Leases in the COVID-19 Environment – Tips for Tenants & Landlords

Just like many other sectors, retail and commercial tenants and landlords are currently under pressure and desperate to know what their options are in the current COVID-19 crisis. There have been reports that the Victorian Government will shortly announce the introduction of new legislation relating to rent relief for tenants dealing [...]

2020-03-27T11:02:20+11:00March 27th, 2020|Categories: Commercial, Property|Tags: , |

Attention All Off-The-Plan Vendors of Real Estate: Important Changes to Sunset Date Legislation

In line with recent legislative changes, all vendors under an off-the-plan contract will no longer be able to exercise its sunset date termination rights without first: giving written notice to the purchaser 28 days before the proposed rescission setting out certain prescribed details; and obtaining each purchaser’s written consent to [...]

2019-07-15T12:04:12+10:00July 15th, 2019|Categories: Property|Tags: , |

Residential Construction and Land Tax: What happens if there is a delay in construction?

Whilst homes in Victoria that are occupied as a principal place of residence are exempt from Land Tax, building works or disputes that result in homes being unoccupied for extended periods of time can have the unexpected result of a Land Tax liability. These assessments can be particularly frustrating if [...]

2019-06-05T12:45:41+10:00June 5th, 2019|Categories: Property, Taxation|Tags: , , |

Blind Siding Amendment – Significant Property Developer Stamp Duty Amendment in Victoria

Almost all Victorian development agreements could soon create a stamp duty liability. Any sharing of profit by a landowner with a property developer who does not own the land in proportion to the profit entitlement could be assessable to stamp duty. In what may be described as a blind siding amendment [...]

2019-05-31T10:14:19+10:00May 31st, 2019|Categories: Property, Taxation|Tags: , , |

The sun is setting on delay tactics adopted by property developers in off the plan sales

Property developers engineering development delays and relying on developer friendly “sunset clauses” in off the plan contracts of sale contracts (OTP Contracts) to terminate those contracts and re-sell for higher prices are being targeted by the Andrews Labor Government through proposed new legislation. The Sale of Land Amendment Bill 2018 [...]

2018-09-18T18:03:03+10:00September 17th, 2018|Categories: Property|Tags: , , |

Assignment of lease of commercial premises: To consent or not to consent … That is the question, if you’re a landlord

A recent VCAT decision narrows the circumstances in which a landlord can withhold consent to an assignment of lease. This case, AVC Operations Pty Ltd v Teley Pty Ltd (Building and Property) [2018] VCAT 931, concerned a landlord’s decision to withhold consent to an assignment of lease under s 60 of [...]

2018-08-30T14:41:03+10:00August 29th, 2018|Categories: Property|Tags: , |