Business & Commercial Lawyers in Newcastle & Lake Macquarie

Buying a commercial property is similar to buying any other type of property. However, there are some additional considerations, including:

Whether the property is or will be subject to a commercial lease.

Whether there are Council or legislative restrictions as the the use of the building

If the property is being purchased ‘subject to existing tenancies’, the lease will need to be reviewed to ensure you are fully aware of your obligations as the Landlord.

The process of selling a commercial property is similar to selling residential property. However, when you sell a commercial property, there are a number of tax issues that should be considered, including:
Capital gains tax
Land tax
GST

If you are selling a commercial property, it might also be useful talking to an accountant about tax implications.

Berryman Partners is here to help you negotiate the best terms possible and help you understand your rights and responsibilities. The tenant/lessee is obliged to:

Make periodic payments of rent

May have to pay additional costs such as rates and strata levies

Keeping the premises, including any fixtures and fittings in good condition

Repair any damage

At the end of the lease, bear the cost of restoring the premises to their original condition

The tenant/lessee also has rights stated in the contract. It is important to understand these to fully protect yourself during the term of the lease.

There are two types of commercial property leases present in NSW:

Retail leases = for premises such as shopping centres, hairdressers and restaurants. Legislation for retail leases impose strict disclosure obligations both on the tenant and landlord.

Business or commercial leases = for premises that do not constitute retail spaces, such as office buildings. Commercial leases are not usually standard documents, they are normally prepared by a solicitor and contain significant obligations for the tenant.

Berryman Partners provides tailored advice for landlords/lessors. We can provide debt recovery services to assist with collecting any unpaid rent or levies, negotiate periodic rent review or abatements of rent on your behalf, and ensure that your tenants are meeting their obligations under the lease.

One of the major issues that can arise under a commercial lease is the assignment of the lease or the execution of a sublease. A sublease involves the tenant leasing some or all of the premises to another party. An assignment of a lease occurs when the tenant or subtenant transfers to lease to another party. We will keep you advised as to your rights in these transactions, and ensure you are adequately protected.

Berryman Partners provides tailored advice for landlors/lessors. We can provide debt recovery services to assist with collecting any unpaid rent or levies, negotiate periodic rent review or abatements of rent on your behalf, and ensure that your tenant are meeting their obligations under the lease.

One of the major issues that can arise under a commercial lease is the assignment of the lease, or the execution of the sublease. A sublease involves the tenant leasing some or all of the premises to another party. An assignment of a lease occurs when the tenant or subtenant transfers the lease to another party. We will keep you advised as to your rights in these transactions and ensure you are adequately protected.

Careful consideration should be given to how you wish to own and operate the business. There are different types of business structures, such as sole trader, partnership, franchise, company or trust. We will help you choose the model that is the most appropriate for you based on factors such as tax planning, asset protection, ongoing cost and finance availability. We can liaise with your accountant or financial planner to provide you with a comprehensive service. You can read more on our Business Structures page.

No, not necessarily. When you purchase a business, you have several options to choose from when it comes to the business premises:

Leasing the premises = this may involve creation of a new lease or assignment (transfer) of an existing one.

License to occupy = a licensee has the right to use and occupy a property but no right of exclusion, and are bound to the conditions specified in the licence.

Purchasing the premises = if the current landlord is willing to sell, you may be able to purchase the commercial premises.

The first step in the process of selling your business is to calculate how much your business is worth. You will need to consider the business assets, liabilities, the goodwill of the business and its future earning capacity. Talk to your accountant and search for similar businesses for sale online to get a feel for the market.

You have a few option available regarding the business premises:

If you own the premises, you may wish to execute a lease agreement or license to occupy with the purchaser, or sell the premises along with the business.

If you lease the premises, you may need to negotiate with the lessor (landlord) to obtain their consent to assign the lease to your purchaser, or execute a sublease.