This page has information about signing a lease for a business premises in the Northern Territory (NT).
A lease is a contract between a landlord and a tenant.
It sets out the terms and conditions for the tenancy and the rights and obligations of both parties. It is legally enforceable.
A retail lease will describe the premises in detail and all of the following specifies:
- the formula for calculating rent
- whether the rent will be reviewed during the lease
- options for renewing the lease
- any contributions you as the tenant may be expected to make to the landlord's expenses
- what the premises are allowed to be used for.
Retail shop leases
Before you sign a retail shop lease, the landlord must have a copy of the proposed lease available for your inspection. The landlord must give you a copy as soon as you enter into negotiations concerning the lease.
If the shop is in a shopping centre, it is a good idea to get a plan showing the specific premises to be leased.
Searching for a premises
Before starting your search for a business premises you should do all of the following:
- research the kind of business you want to run
- identify where the market for your business is located
- register a business name with the Territory Business Centre (ph: 1800 193 111)
- apply for relevant licences and permits with the Territory Business Centre
- set a budget with advice from your accountant.
Once you start your search for a
business premises, inspect several potential sites and compare the pros and
cons of each.
When you’ve selected the right premises for your business, you’ll receive a copy of the draft lease.