COVID-19 | Premises No Access in Emergency Rent Relief

Registered ValuersRegistered Property ConsultantsLINZ Accredited.  Hawke’s Bay-based premium quality valuation and creative property strategy© leading $0.5B acquisitions-disposals NZ-wide since 1998.  Valuation litigation and commercial property specialists. 

 

COVID-19 Premises Emergency Rent Relief

Contemporary commercial-industrial leases contain a ‘No Access in Emergency’ clause (27.5 or similar):

If there is an emergency and the Tenant is unable to gain access to the premises … then a fair proportion of the rent and outgoings shall cease to be payable for the period commencing on the date when the Tenant became unable to gain access to the premises to fully conduct the Tenant’s business from the premises until the inability ceases.

A lease may enable tenant and landlord activation of market rent reviews and some leases provide for rent reductions.

Contact us for lease strategy and market rent valuation advisory.

Our experience includes over 350 resolved or arbitrated commercial property rent valuations including in 2019, annual rents circa $1m at Hamilton and New Plymouth, and the new $20m Hastings Health Centre development advisor and valuer.

And refer to news post: Retail Property Focus© Hawke’s Bay | April 2020