Development

Structuring the contract

The contract with your builder is obviously critical to the project. It’s very important to make provision for how you expect them to deliver the tenancy works – what, when and how.

If that’s not clearly agreed up front it is almost impossible to fix later, and can mean you open a centre with hoardings instead of shops – disappointing for everyone.

Structuring the lease

Don’t just use boiler-plate documents that you have used before. Every project is different, and your lease documents should reflect that.

Are you offering up works, money, a mixture? What are the base building provisions going to include? When will incentives be paid, and who gets the tax benefits? And what milestones will you set for the tenant to ensure progress?

Pulling it all together

Make sure you coordinate what you are offering the tenant with what your builder is going to provide.

Lease documents and building contracts don’t usually get finalised at the same time, so working out early how you want the project to be delivered, all the way down to the tenancy fitout stage, will save time and trouble later.

In my role as leasing executive for Stockwell Property Group, I worked with Karyn on several retail projects of neighbourhood size and in every case I was impressed with Karyn’s work ethic and ability to work with the leasing team to achieve their desired outcome from retailers. Highly recommend.

Scott Bollard

Regional Leasing Manager - Charter Hall Group

Tips & Tricks from the experts

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