In an effort to improve the longevity and continue the year on year growth of approximately 4.8% of Victorian Small Businesses, the Andrews Labor Government are looking to introduce amendments to the Retail Leases Act that will cut red tape and will benefit small business owners and Landlords alike as Property Manager Amanda Hart explains.
A recent announcement made by the Andrews Labor Government regarding changes to the Retail Leases Act could mean less confusion around legal obligations and lease terms and conditions for both Landlords and Tenants.
Some of the key elements of the Retail Leases Amendment Bill 2019 will mean:
· Retail tenants to be made aware of any proposed rent before they extend their leases
· An extension from 7 days to 14 days for tenants to consider the terms and conditions of a proposed lease.
· Increase certainty for both parties about who is responsible for the costs of any installations, repairs, maintenance and essential safety measures.
At this stage the proposed changes have only been tabled in Parliament, but should this bill be introduced it will be a win-win for both our retail tenants and landlords alike.
For more information on Commercial Property Management, please contact our Property Management department on 9567 8888.