On 13 January 2022 and in response to the ongoing impact of Covid-19 on the commercial property landscape, the NSW Government introduced the Retail and Other Commercial Leases (COVID-19) Regulation 2022. On the same day, the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (2021 Regulations) was simultaneously repealed.
The only substantial change from the 2021 Regulations is that the Prescribed Period has now been extended by 2 months to end on 13 March 2022. Previously, the Prescribed Period was to run from 13 July 2021 to 13 January 2022.
A reminder that the eligibility criteria for “impacted lessees” to claim rent relief for the period 1 December 2021 to 13 March 2022 has been limited to tenants who:
- Qualify for 1 of the following grants if it were still available:
a. 2021 COVID-19 Micro-business Grant; or
b. 2021 JobSaver Payment; AND
- Have a turnover of less than $5 million in the 2020/21 financial year.
We note that the eligibility criteria for “impacted lessees” to claim rent relief for the period 13 July 2021 to 30 November 2021 is summarised in our article dated 1 October 2021 linked here and article dated 16 August 2021 linked here.
Should you have any queries on how these changes may impact you, please do not hesitate to contact us.