Long term shopping centre owners set to enjoy retirement.
One of Roberts Legal’s longest standing clients were the owners of a multi-suite shopping complex with commercial offices, that was a retail centre under the Retail Lease Act 1994 (NSW). Roberts Legal acted on behalf of the clients over a number of years negotiating and preparing, or providing advice in relation to, all retail and commercial Leases for the premises.
In 2015 Roberts Legal was engaged to act on the sale of the commercial property. The price was in excess of $1.7 million. Roberts Legal prepared the Contract for Sale and negotiated suitable terms on behalf of our client including conditions precedents required by the purchaser and requiring the clients to negotiate and vary several Leases with key tenants extending the term of these Leases in order to satisfy requirements of the purchaser’s financier.
Roberts Legal successfully negotiated new Leases with longer terms for the necessary tenants without any delay to completion.
The commercial sale was settled without issue four (4) weeks after exchange of Contracts and the clients are now enjoying their retirement.