The Retail and Other Commercial Leases COVID-19 Regulation (No 3) 2020 (NSW) has taken effect from 1 January 2021.
There are a number of important amendments that significantly narrow the relief measures provided to tenants under the previous COVID regulations.
Most importantly, the Regulation only applies in relation to retail tenants that meet the following criteria:
are eligible for Jobkeeper based on the new eligibility criteria from 4 January 2021 (regardless of previous eligibility); and
had a turnover in the 2018-19 financial year of less than $5 million (previously the cap was $50 million).
The Regulation does not apply to commercial tenants. However, there may be some rights preserved under the previous regulations.
The new Regulation is due to expire on 28 March 2021.
If you need assistance in relation to property law or leasing matters, please give Jenkins Legal Services a call on 02 4929 2000 or email office@jenkinslegal.com.au.