Licensed Valuers & Property Valuation Consultants, Perth, Western Australia
Independent licensed valuers & Property valuation consultants
Established 1984 | Expert Valuation Advice | Licensed Valuers

Mandatory Code of Conduct for Commercial Leasing Principles during COVID-19

Thursday, April 9th, 2020

In response to the COVID-19 global pandemic The Federal Government has legislated the Mandatory Code of Conduct for Commercial Leasing Principles during COVID-19 (Code) which imposes a set of ‘good faith leasing principles’ to eligible businesses. The Code applies to all tenancies that are suffering financial stress or hardship as a result of the COVID-19 pandemic as defined by their eligibility for the Commonwealth Government’s ‘JobKeeper’ programme. The JobKeeper programme is a wage subsidy programme and is designed to cover the cost of employee’s wages to support employees and businesses significantly impacted by the Coronavirus. To be eligible, businesses have to prove ...

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Leases, market reviews and rent relief – COVID-19

Friday, March 27th, 2020

The COVID-19 global pandemic is rapidly affecting the retail and commercial property markets providing uncertainty to both Landlords and Tenants, their business and rental income/payments and their leasing arrangements. COVID-19 is likely to result in leases, market reviews and rental relief to be negotiated between Landlords and Tenants. There is often a minefield of legal and contractual clauses in leases which take into account unforeseen circumstance or force majeure events or common law concepts of ‘Frustration’ which can sometimes release parties from certain obligations. This requires advice from a suitably qualified property lawyer. Often Landlords rely on rental payments to cover ...

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Market Rental Valuation Reports – What should they include

Monday, July 22nd, 2019

The Licensed Valuers at Garmony Property Consultants prepare detailed Market Rental Valuation Reports for Market Rent Reviews. So what do our reports include? Our valuation reports need to meet the strict guidelines and standards of the Australian Property Institute (API). It also needs to comply with the Code of Conduct for Expert Witnesses and in Australian Courts or Tribunals.  The reader of the valuation report needs to obtain a clear understanding of the property, its location and its legal description. In some circumstances, the reader may be a judge, magistrate or mediator who has never visited the Property or Premises. So ...

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Market Rent Reviews for Retail Shops in Perth

Friday, April 26th, 2019

It is important to obtain expert valuation advice from a licensed valuer for Market Rent Reviews particularly for Retail premises. The Commercial Tenancy (Retail Shops) Agreement Act 1985 has provisions to assist tenants, particularly in the Market Rent Review process. The requirement for disclosure statements, minimum 5 year tenancies, no ‘Ratchet’ clauses and single rent review methods are just some of the few provisions the Retail Shops Act has to assists retail tenants. With the showroom and retail market rental values falling over the past few years, it is important for landlords and tenants to obtain accurate rental valuation advice ...

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Market Rent Reviews – The Need for expert valuation advice

Monday, July 30th, 2018

It is well publicised that the commercial, industrial and retail property market has declined in recent years following a downturn in the Western Australian economy. In these conditions, it is important to obtain expert valuation advice for Market Rent Reviews. The commercial office market has been the hardest hit, with significant reductions in rents and a surplus of offices available for lease, particularly in the fringe CBD and inner suburban locations of Perth. This surplus provides tenants with many opportunities and an ability to negotiate favourable lease terms for new space. Examples have included significant rental abatement’s of between 25%-50% ...

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LANDLORDS NEED TO MEET THE MARKET

Friday, March 4th, 2016

The Perth property market is currently experiencing declining rental market conditions across most market sectors. Therefore it is important for landlords to be astute and proactive when their tenant’s leases are coming up for market rent reviews and or lease renewal and option periods in their investment properties. Given the current conditions it is likely that most rental rates will experience a rental reduction (provided they were historically at market levels) and therefore landlords need to ‘meet the market’ in order to keep tenants in their investment properties. This rental reduction or incentive for the tenant to renew or extend ...

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