Childcare Centre Valuations & Catchment Analysis
Friday, December 16th, 2022The licensed valuers at Garmony Property Consultants have the expertise in preparing Childcare Centre Valuations & Catchment Analysis reports for a variety of clients. Specialised property valuations such as Childcare Centres, require an in depth knowledge of the childcare industry and analysis of market trends including supply and demand analysis. Our team of valuers have an extensive database of analysed sales and rental evidence of childcare centres in Perth and Western Australia. Childcare centres are regulated in Western Australia by The Department of Communities, who approves and monitors education and care services through the Education and Care Regulatory Unit (ECRU). Education and ...
Read moreRental Valuations and Rental Determinations
Friday, September 2nd, 2022There is often confusion in the real estate industry between Rental Valuations and Rental Determinations. Both Rental Valuations and Rental Determinations have a licensed valuer assess or determine the market rent of a property at the market rent review date. However, in most cases, a Rental Valuation is prepared for one party, either the landlord/lessor or the tenant/lessee. A Rental Valuation is prepared by a licensed valuer to assist their client with the market rent negotiations with the other party to the lease. A Rental Valuation is a detailed report including Property or Premise description, a schedule of comparable rental evidence ...
Read moreMandatory Code of Conduct for Commercial Leasing Principles during COVID-19
Thursday, April 9th, 2020In response to the COVID-19 global pandemic The Federal Government has legislated the Mandatory Code of Conduct for Commercial Leasing Principles during COVID-19 (Code) which imposes a set of ‘good faith leasing principles’ to eligible businesses. The Code applies to all tenancies that are suffering financial stress or hardship as a result of the COVID-19 pandemic as defined by their eligibility for the Commonwealth Government’s ‘JobKeeper’ programme. The JobKeeper programme is a wage subsidy programme and is designed to cover the cost of employee’s wages to support employees and businesses significantly impacted by the Coronavirus. To be eligible, businesses have to prove ...
Read moreLeases, market reviews and rent relief – COVID-19
Friday, March 27th, 2020The COVID-19 global pandemic is rapidly affecting the retail and commercial property markets providing uncertainty to both Landlords and Tenants, their business and rental income/payments and their leasing arrangements. COVID-19 is likely to result in leases, market reviews and rental relief to be negotiated between Landlords and Tenants. There is often a minefield of legal and contractual clauses in leases which take into account unforeseen circumstance or force majeure events or common law concepts of ‘Frustration’ which can sometimes release parties from certain obligations. This requires advice from a suitably qualified property lawyer. Often Landlords rely on rental payments to cover ...
Read moreMarket Rental Valuation Reports – What should they include
Monday, July 22nd, 2019The Licensed Valuers at Garmony Property Consultants prepare detailed Market Rental Valuation Reports for Market Rent Reviews. So what do our reports include? Our valuation reports need to meet the strict guidelines and standards of the Australian Property Institute (API). It also needs to comply with the Code of Conduct for Expert Witnesses and in Australian Courts or Tribunals. The reader of the valuation report needs to obtain a clear understanding of the property, its location and its legal description. In some circumstances, the reader may be a judge, magistrate or mediator who has never visited the Property or Premises. So ...
Read moreMarket Rent Reviews for Retail Shops in Perth
Friday, April 26th, 2019It is important to obtain expert valuation advice from a licensed valuer for Market Rent Reviews particularly for Retail premises. The Commercial Tenancy (Retail Shops) Agreement Act 1985 has provisions to assist tenants, particularly in the Market Rent Review process. The requirement for disclosure statements, minimum 5 year tenancies, no ‘Ratchet’ clauses and single rent review methods are just some of the few provisions the Retail Shops Act has to assists retail tenants. With the showroom and retail market rental values falling over the past few years, it is important for landlords and tenants to obtain accurate rental valuation advice ...
Read moreMarket Rent Reviews – The Need for expert valuation advice
Monday, July 30th, 2018It is well publicised that the commercial, industrial and retail property market has declined in recent years following a downturn in the Western Australian economy. In these conditions, it is important to obtain expert valuation advice for Market Rent Reviews. The commercial office market has been the hardest hit, with significant reductions in rents and a surplus of offices available for lease, particularly in the fringe CBD and inner suburban locations of Perth. This surplus provides tenants with many opportunities and an ability to negotiate favourable lease terms for new space. Examples have included significant rental abatement’s of between 25%-50% ...
Read moreLANDLORDS NEED TO MEET THE MARKET
Friday, March 4th, 2016The Perth property market is currently experiencing declining rental market conditions across most market sectors. Therefore it is important for landlords to be astute and proactive when their tenant’s leases are coming up for market rent reviews and or lease renewal and option periods in their investment properties. Given the current conditions it is likely that most rental rates will experience a rental reduction (provided they were historically at market levels) and therefore landlords need to ‘meet the market’ in order to keep tenants in their investment properties. This rental reduction or incentive for the tenant to renew or extend ...
Read more