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The landlord should bear in mind that as an owner it is their obligation under the Act to keep the lift in good repair, as with all other parts of the common property. Where the repair or replacement is essential that falls within their own obligation so, yes, best to work this out amicably with the tenant. The owner cannot seek compensation from the Owner's Corporation for something that is their responsibility to begin with. The owner will have been on notice from the owners meetings. I'm sure a considerate landlord would offer some reduction when they knew about this, they could check with other owners what had been offered as everyone in the building will be going through this, but the tenant should bear in mind that in the case of a significant improvement in service afterwards there might also then be a rent increase! You are quite right about the timetable. This is the key point. Your questioner mentions “approximately 10 weeks”. Is that just a guess by the Owners Corporation or is there a contract with the lift company? A responsible owner's corporation will have a entered a contract, possibly with a liquidated damages clause if the timetable overruns. The owner should (1) check if there is such a contract with the lift company and (2) ask if there is a contract timetable to which they can be held. The question of compensation to the owner could only arise if the contract timetable is not met for some reason of inefficient management.
The landlord should be careful here. Frequently lift repairs are carried out because they are essential repairs. Owner's Corporations have a statutory obligation to undertake these repairs. Old lifts may not comply with safety codes etc. It is not a good idea to encourage (implictly or explicitly) a tenant to break a lease as the landlord may find themselves liable for doing that. All the owners will benefit from a new lift and this is an important consideration – you can't claim the benefit without the cost. This would be taken into account as well as the owner's own actions: Did the landlord say anything at the general meeting that approved the works? They will have been on notice. Did they landlord then give notice of the lift repairs to the tenant or did they decide to say nothing? Did they offer a rent reduction (which can be offset by a rent increase once the new and better lift is installed)? Be cautious before opening up this matter when you stand to benefit from the property improvement.