One of the most important services that we provide members at the NRA is in relation to leasing and tenancy issues.
The Leasing Department, headed by property specialist Kyle Swain, is on hand to provide an array of leasing and property services from network planning and site sourcing, to negotiating lease terms and conditions.
Recently, we have been experiencing feedback from landlords providing strong incentives to entice new retailers to take up new leases with very reasonable terms attached. On the flip side, however, we are hearing reports of landlords being very tough on existing retailers who are up for lease renewal or undergoing market rent reviews associated with an option term.
It would seem that landlords are counting on existing tenants accepting unreasonable terms as they have no alternative other than to close their business.
The NRA believes that many of the existing rental increases are well above the market value and in the case of a lease renewal, there’s no mechanism for the lessee to force a correction as there is in the case of a ‘market rent review’.
Many tenants are not aware that they can engage a specialist tenant representative to act on their behalf at the negotiating table. It would appear that some tenants believe that they can achieve the best deal possible without the need to engage a specialist, however, a number of case studies suggest otherwise.
If you’re lease is up for renewal or if you would like further information on leasing and tenancy issues, please do not hesitate to contact the NRA and we will put you in touch with Kyle and his specialist team at The Leasing Department.
Also, during the week it was announced that the NRA will be partnering with Brisbane City Council on a program to curb shoplifting using a state-of-the-art crime reporting platform called Auror. The funding for the program has been provided by the federal government to Brisbane City Council, with the NRA chosen to facilitate the program.
Auror will allow businesses to enter details of theft efficiently and send them directly to police as well as passing on the information to other retailers.
This is a preventative measure and once potential shoplifters understand that there is new and improved technology, we expect there to be a reduction in shoplifting crime.
The NRA is confident that the trial will be a success and hopeful that the federal government will look to roll it out across Australia.
Have a great week.