Sydney is in the throws of an extensive Period of redevelopment by the State Government to make way for new roads and railway lines. Many Businesses and offices are being forced to relocate in a very short period of time. The effect of this is an increase in prices for the rental of commercial premises, and a significant reduction in occupancy rates. It is also allowing businesses to claim for compensation where they are required to move. Those with leases in place have the strongest claims, but all persons with a legal interest in land may have a claim. For most of the businesses affected, they are able to claim under the Land Acquisition (Just Terms) Act 1991 for what the Act refers to as “disturbance” losses due to having to relocate. It is also possible to have a lump sum settlement up front before you actually move which will allow you to have a smoother transition to your new premises. The unprecedented amount of movement of offices in the CBD and North Sydney is likely to result in new areas of law being established on the matters surrounding when a business is acting reasonably in acquiring a new premises before the old one is actually needed. Make sure you always get legal advice about your own position.
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