The operation of the interim Retail and Other Commercial Leases (COVID-19) Regulation 2021 for NSW (NSW Regulation) has been extended as of 13 August 2021, with the rights for tenants broadened.
The NSW Regulation was amended on 13 August 2021, to extend the prescribed period the regulation applies to, and to increase the rights and protections available to tenants.
Key elements of the amended NSW Regulation are that it:
The main principles that must be taken into account by parties to a renegotiation mandated under the NSW Regulation are:
We have carried out a comprehensive review of all of the real estate cases around the country that have been decided since COVID-19 became a part of our lives. The terms of the NSW Regulation are sufficiently similar to the previous regulations that were in force in NSW from March 2020 to March 2021, that the existing cases provided an excellent source of guidance on the way these new regulations may be interpreted by the courts. We would be happy to discuss how these new regulations will affect your business, in light of the current case law.
To view the NSW Updated Regulation on the NSW Government website, click here. To view the National Code of Conduct click here.
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