Will councils, Water authority and State do their bit for landlords?

Discussion in 'Property Management' started by Car tart, 25th Mar, 2020.

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  1. Car tart

    Car tart Well-Known Member

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    I can afford to not have tenants, so this is not a whinge.

    But this week with the restaurants closed I have now suspended my tenants payments which were $4,000 per week, while restaurants are forced to close. I also have 8 student accommodation units empty as the tenants were not allowed into the country to start uni being a further $2400 per week.

    My gripe for the restaurant is that $380 per week is calculated as land tax, $235 pw as Council rates and $222pw as Water Rates (not Consumption) by Sydney Water. As we had the generosity of relieving the tenant from these charges that were payable by the tenant according to the lease, why cant the Government waive them so that the landlord doesn't have to bear them.

    Has anyone had any success?

    An income drop of $6,400pw takes a bit of getting used to and belt tightening, but I have always had different kinds of Real Estate Investments so luckily all my eggs were not in one basket. Pity Justin Hemmes and the many restaurant groups who may suffer more than everyone else.
     
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    @Car tart - understandable and quite generous. I don't believe that all areas will require similarly generous concessions (yet) but depending upon the sector some concessions will need to be considered.

    I have just recieved the first request (for a wholesaler in construction/engineering field) but will expect others who are more exposed to retail/food distribution (but are importers) will feel the pinch as well on one or more fronts.
     
  3. abc_123

    abc_123 Well-Known Member

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    Can't help with the question but I feel that where the government has made it illegal to open the business at all, it seems criminal that you can continue to be charged land tax, rates, etc for something you cannot use. Perhaps commercial property owners should band together and refuse to pay on mass, should get them to at least reduce the charges when the revenue stops following.
     
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  4. Omnidragon

    Omnidragon Well-Known Member

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    Yea maybe with penalty and interest rates:
     
  5. wylie

    wylie Moderator Staff Member

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    Tenants aren't going to be expected to pay penalty and interest rates on any rent reduction. Perhaps if it works out that we ALL get some type of break from our fixed and contractual commitments, we will all be ok.
     
  6. Omnidragon

    Omnidragon Well-Known Member

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    Sorry I mean landlord will be slapped with penalties and interest.
     
  7. Ted Varrick

    Ted Varrick Well-Known Member

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    Wow, a big hit, hopefully this works out. And hopefully Justin Hemmes has his own Rainy Day Fund (or a direct line to Scott Pape) because it seems like it's coming down with cats and dogs...