Why is it important to accurately define the premises in the lease document?

Commercial Property
Written By Turner Hopkins

It is essential to define the premises accurately in the lease document including:

  • Its physical configuration;
  • Its exact size in square metres and the method of measurement used to define the premises, e.g. is it to the inside or exterior walls? This can have a significant effect on the rental charged;
  • What carparks are available for use by the Tenant and what is the value on an annual basis attaching to these carparks.
  • The condition of the premises at the lease commencement date.
Turner Hopkins
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