Tuesday, December 08, 2009

a small legal/property issue

A quick aside for my stomach churning thought for the morning.

Any readers have any commercial property expertise? Err, rather urgently? Exactly 1 month before my three yearly lease is about to expire the agents are trying on a massive 25% price hike. I am a long term tenant (more than 10 years) and there has been annual price rises built into the lease over that time equal to or above inflation. I've dealt with the agent before and he's not a nice person. Let's just leave the descriptor as that.

Though I'm guessing there is a glut of rental property in the Melbourne CBD, our building is consistently at high occupancy.

I don't want to be too high handed, I do want to stay where I am but considering the climate I think what they are asking for is unreasonable.

Oh and they know I want to stay, it was me who reminded them to renew the lease.

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5 Comments:

Anonymous Anonymous said...

There is something called the Retail Leases Act 2003 which should regulate your situation. I'm not familiar with the legislation's details, but the Small Business Commissioner should be able to advise you of your rights,

See: http://www.sbc.vic.gov.au/media-and-publications/guidelines-to-the-retail-leases-act

11:59 am  
Blogger Another Outspoken Female said...

Thanks anon.

I was on the phone this morning and after an hour I finally got through to the office of the commissioner. They sent me on a bit of a wild goose-chase about finding the market value for the property but one last question before I hung up made me feel better. If anyone has googled the same problem and ended up at this page - rest assured that even at the end of the lease without an option you can still stay for a minimum of 6 months before the landlord tosses you out. Knowing I don't have to get this totally sorted before I go on my summer break has been relieved the pressure greatly.

I came up with another way of working through the problem. I don't mind the paying what they ask for if it is fair but I kept having problems finding information about median prices in the commercial, office space market til I lucked on a great idea. I called the only "nice"/decent/honest real estate person I know. He's now a partner in one of my local residential firms. I was just wondering if there was a website he could put me onto but better than that he's getting onto a colleague to find out the true value of the place for me. What a sweetie.

Not all guys in real estate are despicable, it's just the good ones are hard to find (so anyone buying or selling property in Melbourne's inner north that wants to know his name - just let me know.

2:26 pm  
Blogger BwcaBrownie said...

oh I am glad Anon was a help.
I have been there and it's ugly.
There is a certain sort of person who handles city commercial, and you are correct in saying they are not nice.
They go beyond 'business' into viciousness and avarice. As if trading in the city isn't tricky enough. Good luck and happy holiday.

6:40 pm  
Blogger Another Outspoken Female said...

Special thanks to the lovely reader who got her husband (in commercial property) to email me.

Much appreciated both of you - don't you just love the blogging community.

7:49 pm  
Blogger librarygirl said...

AOF - that was me. So glad he could help.

x

9:35 pm  

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