A lease of property is a right to exclusively occupy all or part of a building for a fixed period of time. You may need to enter into a lease of premises for your practice. Alternatively, you may wish to let or sublet premises to host complementary services such as a chemist, physiotherapist or pathology lab
The owner of the building or shop is known as the landlord or lessor.
The doctor or company actually taking the lease is called the tenant or lessee.
The space being let is known as the premises.
In a subleasing arrangement, the tenant becomes the sub-lessor and the further tenant the sub-lessee.
The first stage in a lease transaction is locating desirable premises. When looking for premises, you will need to consider the zoning to ensure you are able to carry out the intended use.
Who will be your neighbours? Are there complementary businesses in the surrounds? Also consider the need for exclusivity to avoid a competitor being introduced.
Is there sufficient security? What are your customer parking requirements?
Once suitable premises have been located the key terms of the lease will need to be agreed.
You should be given a number of documents, which you should carefully review before you sign and return anything. It is at this stage you may wish to reach out and discuss the agreement with us.
When reviewing the heads of Agreement and the Lease we recommended you carefully consider upfront and hidden costs. Somethings to look out for include:
Entering into a lease can feel daunting if you are not sure what you are looking at. At Avant Law we have experts in this field who can guide you the entire way. We aim to make things easy for you. We can help with all the points described,identification of key risks and help negotiate a lease on balanced terms that suit your particular purpose.
As a doctor-focused law firm that provides a wide range of legal services to medical practitioners and their practices, we have a deep understanding of the medical profession and issues relevant to your business.
Lindsay McGregor is a lawyer and the Head of Property in our Avant Law team. He has been working in property related matters for almost 20 years. He was previously a partner at a highly regarded national firm and has considerable experience in leasing across Australia. He has acted for some of the Country’s biggest Landlords and knows how they think. This experience will help ensure you get the best outcome you can.
Disclaimer: The information in this article is general in nature and is current to 15 July. It does not take into account individual circumstances and is not professional legal, financial or taxation advice. Avant Law provides legal services. It does not provide taxation or financial advisory services.
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