Retail Leasing in Victoria is governed by the Retail Leases Act 2003. The Act provides for:
- Entering into or renewing leases for retail premises;
- Rent and outgoings, including rent review etc;
- Refurbishment, relocation and other interferences with the tenancy;
- Assignment/Transfer of a retail lease;
- Requirements for retail shopping centres; and
- Dispute resolution.
As a landlord, it is important to have your lease drafted by a legal practitioner rather than prepared by an estate agent.
Where retail leases usually used to be drafted by lawyers using either non-standard leases or more commonly, the Law Institute of Victoria Retail Lease template, there are an increasing number of leases being drawn by real estate agents and property managers. These leases are usually in the form of the Real Estate Institute of Victoria Template which is not as comprehensive as the Law Institute of Victoria Retail Lease Template.
As a tenant, it is important to have your lease reviewed by a legal practitioner prior to signing so that your interests may be protected.
For more information on retail leases click here.
Esquire Lawyers can assist you in any Retail Leasing matters.