Initial Agency & Property Management Advice

Initial Agency & Property Management Advice
Initial Agency & Property Management Advice
Student Name
Institute Name
Date
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Initial Agency & Property Management Advice
Table of Contents
Task A.........................................................................................................................................................2
Task B.........................................................................................................................................................4
Task C.........................................................................................................................................................5
Locational Issues and Demographics.......................................................................................................5
Description / specification.......................................................................................................................5
Size and layout........................................................................................................................................6
Commentary on issues which arise from your Lease Synopsis affecting marketing or value + any other
pertinent legal considerations..................................................................................................................7
Comparable Evidence..............................................................................................................................7
Planning Consents + Alternative Uses, Planning Restrictions and User restrictions in the Lease............9
Market and Demand Supply..................................................................................................................10
Business Rates and Service Charge Considerations..............................................................................10
Justification of Your Asking Rent and Likely Achievable Rent............................................................11
Commentary on the Other Key Lease Terms Which You Recommend.................................................12
Marketing Recommendations to Explain Your Proposed Budget..........................................................13
References.................................................................................................................................................14
Appendix...................................................................................................................................................16
Task A
According to law when a landlord serves the tenant a counter notice after receiving the notice of
the tenant under LTA 1954, section 26 notice, it can be suggested that the landlord can consider
several list of sections including 30(1), (e), (f) and (g), for the opposition of section 26 notice
(Chambers, An Introduction to Property Law in Australia , 2019).
Opposing a Section 26 Notice
The Landlord and Tenant Act 1954, s26(6) (LTA 1954) prescribes that a landlord has the right to
serve the notice on the tenant for the opposition of the application in the court so that he can
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Initial Agency & Property Management Advice
obtain grant of a new tenancy mentioning the grounds and details of the opposition as and when
required. The grounds to oppose the same has been prescribed under LTA 1954, s30(1). Apart
from that the same has also been explained in Halsbury’s Laws of England, basing on the
grounds of opposition generally (Chambers, An Introduction to Property Law in Australia ,
2019).
Under section 30(1) (e), the landlord can oppose the application filed for new tenancy an also
can also apply for a fresh application for the termination of the tenancy without the new tenancy
grant by the court (Chambers, An Introduction to Property Law in Australia 4e, 2018). This can
be possible where the present tenancy has been created by subletting only a part of the property
and the landlord can gain more rent with the help of tenancy for the entire property (Australia,
2019).
Under section 30(1)(f), the ground for the application for the termination of the present tenancy
the landlord intents to reconstruct or demolish the property or premises in consisting the holding
or a substantial part of the property premises or in order to carry out certain work in relation to
construction for holding a part of the premises that he can rightfully do so without getting the
holding possession of the property (Freehill, 2019).
Under section 30(1)(g) the ground for the application for the termination of the present tenancy
the landlord intents to occupy the purpose of holding, whether it may be fully or partly for
business purposes (Australia, 2019). The landlord can have the intention to occupy the said
premises as existed at the time of the occupation performed by the tenant and the in case the
intention of the landlord is to demolish the premises and has plans to reconstruct a new
premises and occupy the same, then he can rely on section 30(1)(f) (Lawman, 2019).
Statutory Compensation
Considering the grounds that can be included in the aforesaid opposition of the notice 26, the
section 37 of LTA 1954 prescribes other things that a tenant has the right to get including
compensation in case the tenant refuses to new tenancy basing on the grounds of section ss30(1)
(e), (f) or (g). of LTA 1954 (Hardwicke, 2015).
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Initial Agency & Property Management Advice
Task B
A lease is generally termed as a positive obligation on the part of the tenant to hand over the
vacant possession of the premises after the expiry of the tem, to have the restored premises to
such condition which was at the time of the commencement of the lease term (Society, 2019). In
some of the case, the property can be yielded up to the landlord of in a better condition
regardless of the previous condition before the commencement of the term (Lawman, 2019).
Basically, the landlord does not have the obligation to serve the dilapidation Schedule and the
tenant must request that the lease mentions the obligation of the landlord to ( Tom Davy,
Vanessa Byrne, Michael Doran, 2018);
Provide or serve dilapidation schedule which is not more than six months before the expiry of the
lease term; and (Chambers, An Introduction to Property Law in Australia 4e, 2018)
Acceptance of payment in place of dilapidation work and the confirmation sum which can be
accepted for the same (Property, 2009)
Payments for Dilapidations
The tenant must consider the problem of dilapidation at the initial stage so that it can have the
option to carry out the needed work and secondly the negotiation of dilapidations for the
payment with the landlord (Commission, 2019). The terms and conditions for the dilapidation
clause and work license can be reviewed for the confirmation if the tenant has the obligation to
remove any sort of alteration that has been made in respect of the property (Government, 2019).
The tenant has to agree with the schedule meant for dilapidation with the landlord in advance for
the expiration of the lease (Australia, 2019). If the conditions of the schedule which is mentioned
as the conditions of the property at the time of the commencement of the lease which is
associated with the lease that can limit the repair obligation of the tenant so that he may not be
obliged to yield up the property in any condition at the time of the commencement of the term
(Nexis, 2019).
Conclusion
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Initial Agency & Property Management Advice
The yield up regulations in a lease must be examined in advance for the expiry term to make sure
that the tenant has ample of time to do the works in respect of the property including removal of
fixtures and fittings, and make sure that the sub tenant or license has been removed from the
property and vacates the property as per the time frame (Freehill, 2019). In case, the tenant does
not have the intention to do so and carry out the work for the payment of the dilapidation to the
landlord which can be agreed in advance of the expiry of the lease as mentioned in the lease
agreement (Chambers, An Introduction to Property Law in Australia , 2019).
Task C
Locational Issues and Demographics
The company has its stores in three regions namely in region one it covers an area of 25
kilometers covering South and east part of London and m3 motor way. In region two it covers all
the areas of wales, east Anglia and south west portion. Apart from that it cover the western and
southern part of London and East south part as well. In the south it covers, Northrn Ireland,
Scotland. In Region three northern Ireland and Scotland to the North and also covers
Nottinghamshire, Lincolnshire, Cheshire and Derbyshire. (Australia, 2019).
The shopping center has its own locational issues as this is very far from the populated areas.
However, it is located in a business place of which all people may be aware of. The units are
located at Blackbrook Valley Industrial Estate, a famous warehousing and industrial area.
Blackbrook Valley Industrial Estate is situated on Intu Victoria Centre Way which has complete
access to Peartree Lane and A4036 Pedmore Road which ultimately provides access to the A461
Dudley Southern By-pass. M5 Motorway’s Junction 2 is about 6 kilometers far from the Black
country area and the national Motorway network (Government, 2019).
Description / specification
JLL’s Retail OSCAR has ample of shopping centers according to the preference and budget of
the client. Units 14 of Intu Victoria Centre Way provide two warehouses which is quite large
and secure yard. The unit benefits from various work offices and other units are constructed with
clock elevations and brick. The floor of the unit is made of concrete. The roof profile clad is
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Initial Agency & Property Management Advice
insulated and also lined for the intermittent of the incorporates with sodium and fluorescent roof
lighting ( Tom Davy, Vanessa Byrne, Michael Doran, 2018).
The unit also has vehicle access 24 hours with two electric operators with the roller shutter door.
The measurement of the door is 15’ 1” high x 14’ 1” wide approx (4.5m high x 4.0m wide). The
height of the unit in minimum is 4’10” approx (4.9m) rising to 19’ 12 (5.9m) on the corner. Each
complex has its own distinct area for parking of car and front loading and (Lawman, 2019). A
divided lading area has also been provided and the car parking area also separates the
warehouses. Unit 50 is a secure yard area and it also has an additional office for accommodation
on the first floor of the building (Nexis, 2019).
Size and layout
The shopping center is unique so as its each and every unit. Thus, it is really very important to
consider the construction age and the levels of electrical and mechanical equipments and also the
common space for the specification which may differ as compared to other retail property of
Retail OSCAR (Walters, 2019). The measurement of the door is 15’ 1” high x 14’ 1” wide
approx (4.5m high x 4.0m wide). The height of the unit in minimum is 4’10” approx (4.9m)
rising to 19’ 12 (5.9m) on the corner. Each complex has its own distinct area for parking of car
and front loading and (Lawman, 2019). A divided lading area has also been provided and the
car parking area also separates the warehouses. Unit 50 is a secure yard area and it also has an
additional office for accommodation on the first floor of the building (Nexis, 2019).
The Retail OSCAR contains 240 shopping centers in total. It covers more than 72.5 million
square feet. The average service charge which excludes the exceptional income and expenditure
is;
Air coniditoner Enclosed £7.67 per sq ft
Non- Air conditioner Enclosed £5.73 per sq ft
Part Enclosed Air conditioner £5.59 per sq ft
Part Enclosed Non Air conditioner £4.48 per sq ft
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