PHOTO: JOHN KIRK-ANDERSON/STUFF Scentre Group which owns five Westfield malls in New Zealand, including Westfield Riccarton pictured here, may negotiate rent reductions for its hundreds of small business tenants here as it has committed to in Australia.
The Australian owner of Westfield malls in New Zealand says it will look at similar arrangements for its tenants here that it has committed to in Australia where it is negotiating case by case rent reductions .
Scentre Group, the owner of five Westfield malls here and about 36 in Australia, has committed to Australia’s Government-mandated SME Leasing Code of Conduct which applies to retail, commercial and industrial tenants.
At the core of the code is that rent reductions have to be negotiated case by case, based on the loss of revenue of the tenant, and that could take time considering Scentre Group has 2600 SME tenants.
What next for real estate agents?
“Scentre Group will immediately adopt the code principles and look to implement similar arrangements in New Zealand for affected small business retailers,” it said in a response to Stuff.
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