ARTICLE · 04 NOVEMBER 2020

FIRB: Thresholds for renewals and material lease variations

Moray & Agnew

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FIRB approval is no longer needed for renewals or material lease variations if the tenant has held a similar interest.

AustraliaGovernment, Public Sector

Sarah Harkin

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The Foreign Investment Review Board (FIRB) has announced that it reversed its decision to reduce normal monetary thresholds in relation to material variations and renewals of leases of existing non-sensitive leasehold interests in developed commercial land.

The changes took effect from 4 September 2020 and mean that
FIRB approval will no longer be required for renewals or material variations of leases where the tenant held a substantially similar interest under the relevant lease prior to 10:30pm on 29 March 2020, unless:

The tenant is a foreign government investor
The acquisition value exceeds AU$1,192 million and the land is being acquired by a foreign person who is an agreement country (US, NZ, Chile, Japan, Republic of Korea, China, Singapore, Peru, Canada, Mexico, Vietnam,

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