The Retail Leases Act 2003 is the major piece of Victorian legislation in the area of retail leases.
A lease falls within the operation of the Retail Leases Act if:
The Landlord must give a Disclosure Statement.
An accurate description of the premises has to be given as well as the term of the lease, any options, handover date, initial rent, method of review (fixed, CPI or market) and GST. The disclosure statement needs to be clear on what outgoings the tenant has to pay and an estimate of the outgoings. If you are in a shopping centre such as Westfield or Gandel further information regarding the Centre needs to be given.
There has been a strengthening of Tenant’s rights where a Disclosure Statement has not been given or is shown to be misleading, false or incomplete. If the Landlord fails to comply the Tenant may give the landlord written notice of termination or that the tenant is withholding rent until the disclosure statement is received.
The Landlord has to provide for a minimum lease term of 5 years.
We are happy to give you a fixed price quote on our professional fees. Please contact us for a quote. We act for Landlords in preparation of Leases and Disclosure Statements and for Tenants in advising and negotiating lease terms.
Covid 19 – 01 May 2020 Victorian Omnibus legislation titled COVID-19 Omnibus (Emergency Measures) (Commercial Leases) Regulations – Regulations Expiry date 29 September 2020