Perpetual Corporate Trust Ltd atf the Ascendas Longbeach Trust No. 10 v Larapinta Project Pty Ltd atf the Kiora Trust

[2026] NSWSC 204

Supreme Court of NSW

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Interrogate

Catchwords

1. CONTRACTS — Construction — Interpretation — whether defendant obliged by contract to pay a “Rent Guarantee” of more than $50,000 to the plaintiff — whether new lease was “procured” by defendant before date contemplated by contract — whether defendant liable for “Leasing Costs” claimed by plaintiff in amount greater than “Rent Guarantee” — defendant not liable under relevant clauses for any amount in excess of $50,000.

Quick Take

The Court held that the developer 'procured' a new lease within the meaning of the development agreement where it engaged the leasing agent and participated in marketing activities, even though the owner's manager took over negotiations and the formal lease was not executed until after the completion date, thereby reducing the rent guarantee obligation from $1,380,000 to $50,000 and shifting liability for leasing costs exceeding that amount to the owner under cl 14.4(2).

Case Details

Citation[2026] NSWSC 204

CourtNSWSC

JurisdictionNew South Wales

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Cited by1

2026Perpetual Corporate Trust Ltd atf the Ascendas Longbeach Trust No. 10 v Larapinta Project Pty Ltd atf the Kiora Trust (No 2)NSWSC 405

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