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:
| • |
It is for a period of at least one
year |
| • |
Relates to ‘retail premises’
in Victoria, including premises such as shops, professional
offices and cafes |
| • |
The lease was entered into or renewed
after 1 May 2003 |
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.
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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 a 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.
For more online information consult the The
Law Institute of Victoria website
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.
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