What is the Rent Commencement Date?
This is the legal date on which your rent starts – it may differ from the Lease Commencement Date if you have negotiated a rent free period. Q. What is the Lease Term? This is the legal period of your lease depending on the negotiated lease term. Q. What is an option to renew and how does it work? An option is the Lessee’s opportunity to extend the existing lease by the term identified in the option clause within the lease document – this may be 1 to 15 years. At approximately 6 to 12 months prior to your lease expiry you will be advised to provide notice to your existing Lessor that you either wish to renew your lease for the option period or vacate the premises. Q. What is the Commencing or Starting Rental ($/Sqm p.a.)? This is Gross or Net Rent that you agreed to pay over the Net Lettable Area from the Rent Commencement Date over the first year of the lease. Q. What is a Rent Review? The rent should be structured annually over the period of the lease term. The method of review may i
