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.