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ARTICLE · 02 JULY 2017

Changes to Retail Leases Act

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The Retail Leases Amendment (Review) Act 2017 No 2 will commence on 1 July 2017.

AustraliaReal Estate and Construction
Lindsay McGregor
Lindsay McGregor
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Changes to the Retail Leases Act 1994 (NSW) have been passed. The Retail Leases Amendment (Review) Act 2017 No 2 will commence on 1 July 2017.

Four key changes are:

  1. Disclosure Statements and Undisclosed Outgoings – tenants will not be liable for outgoings not disclosed in the Lessor Disclosure Statement. In addition, if the actual amount of any disclosed outgoing is more than was estimated in the Lessor Disclosure Statement, unless there was a reasonable basis for the inaccurate disclosure, only the amount as disclosed will be recoverable
  2. Disclosure statements and termination – if a tenant terminates a lease during the first six months as a result of not receiving, or as a result of receiving a misleading disclosure statement, the tenant may recover its costs of entering into the lease including fitout costs

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