A thank you to the VCCC for interviewing Steven Milicevic on commercial lease rental arrangements during Covid-19. Steven was delighted to be a part of their business briefing initiative.
Click here to watch the interview that summarises the temporary changes in Victoria and the key steps landlords and tenants need to follow. Note, the interview was conducted before yesterday’s announcement.
What was yesterday’s announcement?
The interview was timely given yesterday’s announcement by the Victorian Government on changes to the rent relief arrangements.
There has been much industry speculation about if and what an extension would look like. A quick summary of the key points:
- No evictions and no rent increases to 31 December 2020, “except in specific circumstances”.
- An emphasis on coupling rent relief with the tenant’s reduced revenue.
- The VSBC being able to order rent relief if a landlord fails to respond to requests.
- Increased land tax relief for commercial landlords – up to $3,000 for each premises.
- It did not mention what the specific circumstances are or if a landlord’s requirement to provide rent relief will also be extended beyond 29 September 2020.
We look forward to getting the details to be able to answer the many questions that are being asked.