Retail Leases Amendment Bill 2019 – Changes are coming – Make sure you are in the know!
In response to Small Business Regulation Review announced in June 2018, the Retail Leases Amendment Bill 2019 was drafted and proposes changes to the Building Act 1993(Vic) and the Retail Leases Act 2003 (Vic). The Bill is currently in the Legislative Assembly and expected to be passed.
The proposed amendments can be summarised as follows:
- Essential safety measures – changes to increase certainty regarding the recovery of these costs.
- Provision of disclosure statements –changes to the information provided to tenants to facilitate more informed decisions about entering into leases and exercising options to renew.
- Return of security deposits –the introduction of clear time frames for return of security deposits after a lease ends.
- Notice requirements for further terms – in addition to disclosure, Landlords to give notice of changes to information in the previous Disclosure Statement issued to Tenants.
- Early rent reviews – new provisions which will allow Tenants to request early rent reviews.
- Cooling off periods – the introduction of a cooling off right. Tenants will have a right to cool off after renewal in certain circumstances.
To make sure you are up to date and in the know, MST Lawyers will be holding a Seminar on 24 March 2020 to take you through the changes to the Retail Leases Act 2003. So, if you are a landlord, tenant or professional in the retail leasing sector, this Seminar is a must.
Spaces will be limited so to avoid missing out, please register early here.
If you have any questions please feel free to get in contact with Evelyn Marcou, Senior Associate.