Accountant

One that keeps audits and inspects the financial records of individuals or business concerns and prepares financial and tax reports.

Annual Sales

The annual gross volume of sales consisting of its gross receipts from goods and charges for services, whether by cash, credit, charge or instalment during a twelve (12) month period.

Area

The area is a physical quantity expressing the size of a part of a surface.

Area Square Metres

Also called the metre squared, is the standard international (SI) unit measurement.
The (SI) unit of area is also known as M2, and or sometimes square metre is abbreviated to sq m.

Bank Guarantee

A guarantee from a lending institution ensuring that the liabilities of a debtor will be met, in other words if the debtor fails to settle a debt, the bank guarantee will cover it.

Broker Agent

The licensed real estate broker/agent that brings forth the buyer.

Buy

To acquire possession, ownership, or rights to the use of services, of by payments, especially of money.

Common Areas

For the purpose of this website, the common area is related to a shopping center or mall outside of the individual stores, for which each business pays a share of maintenance based on percentage of total store space occupied.

Department Store

Large retail store having a wide variety of merchandise organised into customer-based departments. A department store usually sells dry goods, household items, wearing apparel, furniture, furnishings, appliances, radios, and televisions, with combined sales exceeding $10 million. Total gross lettable area exceeds 3,000 square metres.

Enclosed Mall

A shopping centre that has an enclosed retaila rea, is air conditioned andis entered from a surrounding car park that forms part of the property.

Food Court

An area devoted to permanent retail tenancies iffering a range of prepared foods for on-premises consumption and served by a common seating area with tables and chairs which are normally installed by the Lessor, and maintained by the management, under outgoings for the centre.

Franchise

The right or license granted to an individual or group to market a company’s goods or services in a particular territory.

Franchisor

One that grants a franchise.

Franchisee

One that is granted a franchise, as to market a company’s goods or services in a certain local area.

Gross Leasable Areas (Shopping malls, and Shops)

Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centres, outlet malls and other retail centres to indicate the amount of floor space available to be rented. Specifically, gross leasable area is defined as the total floor area designed for tenant occupancy and exclusive use, including any basements, mezzanines, or upper floors. It is typically expressed in square metres (although in some places such as the United States and Canada, the square foot is used). It is measured from the centre line of joint partitions and from outside wall faces. That is, gross leasable area is the area for which tenants pay rent, and thus the area that produces income for the property owner. The lettable floor area of the shop is the sum of each floor area of the shop, measured to the inner wall surface lettable area of a shop, is the space within the premises.

G.S.T.

G.S.T. has the same meaning as in the G.S.T.Act, G.S.T. Act means a new tax system (Goods and Services Tax) Act 1999.

Kiosk

A small lockable structure often free standing, with one or two main counters for the selling of goods and or services directly to the consumer. A kiosk can be either external on a main shopping strip, or located within a shopping centre, mall or arcade. eg. newspaper kiosk along main shopping strips, generally within CBD areas, or donut kiosk located a shopping centre, mall or arcade of any size, generally within the middle of a common area mall.

Lawyer

A barrister or solicitor.

Lease

A contract allowing the use of land, or a building, or a shop for a specified time. (Let out or rent by lease)

Lessee

The person who has the right to occupy retail shop under a retail shop lease, and includes a sub lessee and a lessee’s or sub lessee's heirs, executors, administrators and assigns.

Lessor

The person who grants or proposes to grant the right to occupy a retail shop under a retail shop lease, and includes a sub lessor and a lessor’s or sub lessor's heirs, executors, administrators and assigns.

Major Tenancy

Tenancies generally greater than 1,000 square metres (GLAR) that occupy the largest space in any single tenancy in the centre and are considered major attractions to the centre by customers.

Net Lettable Area (NLA)

As defined by the Property Council of Australia, excludes walls, building cores and standard service areas (common areas) such as toilets, access, passagewars, storerooms etc.

Outgoings - A lessor’s outgoings on account of any of the following:

(a) the expenses directly and reasonably attributable to the operation, maintenance or repair of the building in which the retail shop is located or (in the case of a retail shop in a retail shopping centre) of any building in the retail shopping centre or any areas used in association with any such building,
(b) rates, taxes, levies, premiums or charges payable by the lessor because the lessor is the owner or occupier of any such building or the land on which it is erected or is the supplier of a taxable supply (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth) in respect of any such building or land.

Owner

For the purpose of this website, Owner means the individual who enjoys the benefits of owning premises, or property i.e., shop, business or franchise.

Permissible Usage

For the purpose of a shop, permissible usage is goods and or services which the Lessor allows the Lessee to sell within the premises, directly to the consumer.

Promotion Levy

An amount of money payable by a Lessee to a Lessor in respect of advertising and promotion of a shopping centre, shopping mall, or other cluster of shops.

Rent

Payment for the use of space, or property in this case a shop.

Retailing

The functions and activities involved in the selling of commodities directly to consumers.

Retail Shopping Centre

A cluster of premises that has all of the following attributes:
a) at least 5 of the premises are used wholly or predominantly for the carrying on of one or more listed businesses,
b) the premises are all owned by the same person, or have (or would if leased have) the same lessor or the same head lessor, or comprise lots within a single strata plan under the Strata Schemes (Freehold Development) Act 1973 or the Strata Schemes (Leasehold Development) Act 1986 ,
c) the premises are located in the one building or in 2 or more buildings that are either adjoining or separated only by common areas or other areas owned by the owner of the retail shops,
d) the cluster of premises is promoted as, or generally regarded as constituting, a shopping centre, shopping mall, shopping court or shopping arcade.

Retail Specialty Shop

A retail shop is a premises which offers the sale of goods directly to consumers, eg, Just Jeans, Sanity, EB Games, and other than a department store, a supermarket, restaurant, or commercial premises.

Sell
To give up property to another for something of value.

Service Shop
A shop which offers a service directly to consumers, eg, Optometrist, Hair Dressing Salon, Beauty Salon, Key Cutting, Shoe Repairs.

Specialist Retail Valuer

(a) for the purposes of a valuation under this Act relating to a retail specialty shop in a retail shopping centre having both:

(i) 20 or more retail specialty shops, and
(ii) a total of lettable areas of retail specialty shops that exceeds 1,000 square metres,
a valuer having not less than 5 years’ experience in valuing retail specialty shops in shopping centres of that kind, or

(b) for the purposes of a valuation under this Act relating to any other retail specialty shop or any other retail shop, a valuer having not less than 5 years’ experience in valuing retail shops.

Strata Levies

Contributions levied under the Strata Schemes Management Act 1996 or any other Act relating to strata schemes.

Supermarket

Large self-service food store selling groceries, meats, household goods, and so on, eg Woolworths, Coles, Bi Lo, Aldi's, IGA, Franklins.

Tribunal

Means the Administrative Decisions Tribunal of New South Wales established by the Administrative Decisions Tribunal Act 1997.

Turnover Rent

For the purposes of any provision of a retail shop lease that relates to the determination of rent or a
component of rent by reference to turnover

SHOPPING CENTRE DEFINITIONS

Super Regional Centre - Total gross lettable area retail exceeds 85,000 square metres

Typically incorporating two (2) full line department stores - eg, David Jones, Myer
one (1) or more full line discount department stores - eg, Big W, K Mart
two (2( super markets - eg, Woolworths, Coles, Aldi
and approximately 250 specialty shops and services

Major Regional Centre - Total gross lettable area retail ranges between 50,000 and 85,000 square metres

Typically incorporating at least one (1) full line department store - eg, Myer, David Jones
one (1) or more full line discount department stores - eg, Big W, K Mart
one (1) or more supermarkets - eg, Woolworths, Bi-Lo
and approximately 150 specialty shops and services

Regional Centre - Total gross lettable area retail ranges between 30,000 and 50,000 square metres

Typically incorporating one full line department store - eg, Harvey Norman, Target
a full line discount department store - eg, Big W, K Mart
one (1) or more supermarkets - eg, Franklins, Coles
and approximately 100 specialty shops and services

Sub Regional - Total gross lettable area retail ranges between 10,000 and 30,000 square metres

Typically incorporating at least one (1) full line discount department store - eg, Big W
a major supermarket - eg, Coles
and approximately 40 specialty shops and services

Neighbourhood - Total gross lettable area retail is less than 10,000 square metres

A local shopping centre comprising of a supermarket and approximately 35 specialty shops and services

Bulky good Centre - Total gross lettable area retail is generally greater than 5,000 square metres

A medium to large size shopping centre, dominated by bulky good retailers - eg, Harvey Norman, Capt'n Snooze, Freedom Furniture selling (furniture, white goods, and other home wares, and may contain a small number of specialty shops)

Discount Outlet Centres - Total gross lettable area retail is generally greater than 5,000 square metres

A medium to large size shopping centre, which comprises of specialty shops often selling stock at discounted prices including samples, seconds, and discontinued lines.
Does not normally include a department store, or supermarket.

Themed Centre - Total gross lettable area retail ranges from 1,000 and 5,000 square metres

Typically a shopping centre filled with specialty shops in resort areas to cater for specialist tourist nees, which does not normally include a department store, or supermarket

City Centre - Total gross lettable area retail exceeds 1,000 square metres

Retail premises within an arcade or mall or shopping street/strip within a major Central Business District.

Shopping Street

A strip or row of shops normally located along a main street, freestanding, and or attached to other buildings.

Shopping Arcade

A covered shopping street, sometimes with galleries, dating from the late 18th/early 19th century.

Market - Total centre area of at least 5,000 square metres

A covered centre dominated by food, fashion, and general items with at least 50 plus stalls or outlets, which operates on a permanent or irregular basis.