Raine & Horne Commercial has launched a campaign to support the local SME community on the Central Coast.
The Coast, located about 90 minutes north of the Sydney CBD, has been in lockdown due to the latest wave of COVID-19 since 26 June 2021. The team at Raine & Horne Commercial Central Coast, in tandem with their residential colleagues at Raine & Horne Gosford and East Gosford, have launched a social media campaign to support retail businesses in the popular coastal region who are doing it a little tough.
The brainchild of Katie Tilden Bingham, from Raine & Horne Commercial Central Coast, the campaign is encouraging locals to support the region’s SMEs once restrictions lift, said Brad Rogers, Director of Commercial Sales and Leasing at Raine & Horne Commercial.
Industrial keeps motoring along
On the industrial front, Brad said industrial properties are still attracting attention despite the nine-week lockdown. “We have 1.23 hectares of industrial zoned land at Lisarow that is still six weeks from the auction, which is attracting plenty of attention. This property has attracted 15 enquiries, and we have six contracts out.
“We have plenty of businesses also looking for factories, and we’re very low on stock to meet the owner-occupiers, investor and developer demand.”
Most businesses seeking industrial space include small and more significant manufacturers, and there’s a call for warehousing and distribution space. Brad said, “There’s a broad gamut of demand from spaces as small as 34 sqm to 12,000 sqm within the same precinct. It is an open book.”
On the flip side, lockdowns have impacted office and retail space demand, which is where the “Buy Local” campaign will help, Brad added. “Our campaign is helping businesses such as hairdressers, music schools, physiotherapists, tyre fitters, gymnasiums, cafés, and bookshops who are doing it tough. As we start to reopen, we’ll be encouraging the Central Coast community and our clients to keep them in mind and help them get back on their feet.”
Rent relief available for commercial tenants impacted by NSW lockdowns
The NSW Government has re-introduced the National Cabinet’s Mandatory Code of Conduct for Commercial Leasing to mandate rent relief for eligible tenants affected by COVID-19.
A new $40 million Hardship Fund will also be established to provide a monthly grant of up to $3,000 for small commercial or retail landlords who provide rental waivers of at least the value of the grant and any land tax relief they are eligible to claim. Minister for Finance and Small Business Damien Tudehope said the Retail and Other Commercial Leases (COVID-19) Regulation 2021 would be extended until 13 January 2022, providing protection for small businesses such as cafes, restaurants, hair salons and gyms for six months.
The Retail and Other Commercial Leases Regulation (COVID-19) Regulation 2021 will require landlords to renegotiate rent or provide rent relief in proportion with their tenant’s decline in turnover. Of the rent relief provided, at least 50% must be in the form of a waiver, and the balance a deferral.
Brad Rogers said these initiatives would help some SMEs on the Central Coast. “But it’s not helping everyone, especially those with weekly rents significantly above $3,000. However, if it costs $3,000 to run your business, this support will be constructive and keep them right where they are.”