ContextWhen Phase 1 is completed, it will comprise offices on the upper floors, a retail mall onthe ground and mezzanine floors, and a carpark on two basement floors. As a propertyinvestor, NDL intends to lease the property for rental return and capital growth. Being theestate manager for the project, you are required by NDL to recommend suitable types ofleases (fixed term tenancy, periodic tenancy, assignment and subletting, licences,percentage leases, etc) for these premises with a primary aim to optimse the investmentreturn.The reportPrepare an executive estate management report of 500 words max. (excluding thereference list), advising the client on how Landlord and Tenant legal principles can beapplied in business tenancies to optimise lease management. This includes choosingsuitable types of lease as well as applying express / implied covenants and relatedstatutes to meet the client's business needs and suit the tenant's interests, taking intoconsideration the uses of premises, leases and licences, option to renew, rent review,outgoings, repairing responsibilities, protected tenancies, etc