Hi guys
Once again I am seeking your expertise.
I always find this site so helpful and really appreciate any advice given.
OK, I am in the process of drawing up a new lease for a Commercial Property that we own in Counrty Victoria.
My question today is relating to CPI and annual rent reviews.
We have had the same tennat in this property for 2 years and have not put the rent up at all. The old lease did not specify any CPI increases – so we didnt charge him any.
We had the property valued by a professional and have been charging our tennat the market rent (which has also increased over the past 2 years).
His current lease is about to expire and I want to include CPI increases and annual rent reviews into the new lease.
Is it too greedy to ask for both ?? Is this acceptable and appropriate ??
Also, we have made a committment to spend $6,000 on heating the premises before winter 2008. Once we have done this, can we just put his rent up to cover our costs over, say a 4 year period ? even if this happens before the next rental review ? does this need to be written into the new lease ?
As you can see I am relatively new to this.
Any advice is much appreciated.
Cheers
Debbie
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