NSW extension of commercial tenancy leasing code

The Property Council of Australia is disappointed by the NSW Government’s decision to extend its commercial tenancy leasing code regulation until the end of December.

“For all intents and purposes, NSW is ‘open for business’ again,” said Belinda Ngo, acting NSW Executive Director.

“There is no longer the compelling argument which justifies the mandatory provision of rent relief for many commercial tenants.

“Commercial property owners are the only section of the business community that has been directed by government to provide this form of assistance to other businesses.

“Good landlords have always been motivated to support their tenants when the going gets tough, and many were already doing so prior to the introduction of the mandatory code which has only added cost and complexity to providing rent relief for tenants who need support,” Ms Ngo said.

Ms Ngo noted the importance of tenants re-establishing their eligibility under the extension to the Regulation if they wish to continue receiving rent relief beyond the original expiration date of 25 October 2020.

The Property Council has welcomed the extension of the 25 per cent land tax concession for landlords who are providing rental relief.

Ms Ngo said it was important that government delivered on initiatives coming out of the Summer Summit to encourage people back to CBD businesses.

“The Government’s commitment to lead the way on encouraging public servants to return to their offices will  be an important boost for businesses which depend on a vibrant CBD for their customers,” Ms Ngo said.

Media contact: Matt Francis 0467 777 220 email [email protected]