Retail Leases - New Disclosure Statements

 Thursday, September 12, 2013

The Retail Leases Regulations 2013 (Vic) came into effect on 22 April 2013.

The most significant effect of the new Regulations was to replace the multi-purpose Disclosure Statement with four separate Disclosure Statements.Landlords now have to select the most appropriate Disclosure Statement, depending on whether the Lease relates to:

  • shopping centre premises;
  • non-shopping centre premises;
  • a renewal of a retail lease; or
  • an assignment of a retail lease where there is an ongoing business (to be given by the outgoing tenant to the incoming tenant).

There are serious consequences where a Disclosure Statement is not provided including the tenant being able to terminate the Lease.

For further information or assistance in preparing the correct Disclosure Statement please communicate with Jim Cosgriff or Skye Engwerda.