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ARTICLE · 10 SEPTEMBER 2020

Updates To Victorian Retail Leasing Legislation

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A bill seeking to make amendments to the Retail Leases Act 2003 (VIC) is now one step closer to becoming law in Victoria as it has now passed through the Lower House.

AustraliaReal Estate and Construction
Tuhina Mukhraiya
Tuhina Mukhraiya
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A bill seeking to make amendments to the Retail Leases Act 2003  (VIC) is now one step closer to becoming law in Victoria as it has now passed through the Lower House. The bill introduces some fairly significant changes to the Act which tenants should be aware of. This article will take a look at some of the key changes that the legislation is implementing.

Options 

Previously, once a tenant formally issued its notice to exercise its option to the landlord, both parties entered the option lease. This would sometimes be problematic for tenants, particularly small business tenants, who may have exercised their option to not miss out on the opportunity to secure a further term, but without:

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