Australia Retail Premises Lease with Turnover Rent Provision

If you own or manage commercial rental properties in Australia, lease out your space to tenants with this Retail Premises Lease Agreement with a provision for the tenant to pay turnover rent in addition to base rent. Turnover rent is additional rent which is calculated as a percentage of the sale of goods or services from the premises, less the amount of refunds and credits.

Other provisions of the Lease Agreement include:

• A procedure for Consumer Price Index reviews and market rent reviews.
• The tenant has the option to renew the lease, but if the tenant does not renew and continues to occupy the space after the expiry of the tenancy, the lease becomes month to month.
• The tenant must pay service charges for the premises and a proportionate share of outgoings for the building, as well as any GST payable on the lease or the outgoings.
• The security deposit may be paid by cheque or unconditional bank guarantee.
• The tenant is responsible for maintaining risk, public liability, workers compensation and plate glass insurance.
• The landlord must insure the building for full replacement value.
• The landlord has the right to relocate tenant in the building for purposes of extensive refurbishment or redevelopment.
• Includes a set of Building Rules and Regulations.

This Australia Retail Premises Lease with Turnover Rent Provision is available as a MS Word template form, and is completely customisable to meet your needs. This template does not reference specific state or territorial legislation.