Frequently Asked Questions
What is commercial property?
Commercial property and real estate is commonly divided into six categories as follows:
- Office Buildings with tenants such as real estate agencies, allied health services, medical clinics, accountants, financial planners, post offices, banks, legal firms and other service-type businesses.
Industrial Buildings with tenants in businesses such as manufacturing, transport and logistics, warehousing, land for storage, small workshops and warehouses.
- Retail / Restaurant with tenants such as retail clothing stores, specialty shops, franchise retail or food, pharmacies, takeaway food stores, cafes, restaurants, small and large shopping centres.
Bulky Goods with tenants such as Bunnings, Ray's Outdoors, Godfreys, Pet Stock, The Good Guys, furniture stores, fitness and health stores.
- Land with tenants utilising the property for car-parks, storage yards, heavy vehicle parking, and commercial farms.
Miscellaneous - a 'catch-all' category which could include any non-residential type properties such as motels, hotels, holiday parks, self-storage units, marina berths, billboards signage, etc.
What is a lessor and a lessee?
These terms are the legal terminology for a commercial landlord and tenant. The lessor being the landlord and lessee being the tenant.
What is an assignment of lease?
An assignment of lease is the transfer of interest on a property, from one tenant to a new tenant, on the same property. This is common when a business is sold and the lease is then assigned or transferred, to the new business owner. The assignment is a legal document which is drawn up to appropriately document, and move the occupancy rights over (from the existing leased tenancy space), from one tenant to another, with the landlord's reasonable approval.