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ARTICLE · 17 FEBRUARY 2020

Valuer and Retail Leases Update – New changes proposed to the Act

Madgwicks
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The article summarises proposed changes to the Retail Leases Act 2003, introduced into the Victorian parliament in 2019.

AustraliaReal Estate and Construction
Rohan Ingleton
Rohan Ingleton

In brief

The Retail Leases Amendment Bill 2019 was introduced into the lower house late last year. There are proposed changes to the Act, which I will summarise below.

What you need to know

Property managers will need to be on top of the latest changes - if these become law it will affect what can be recovered from a tenant, different disclosure obligations, when security deposits are to be returned to a tenant and the provision of a new early rent review to market prior to the exercise of an option.

Background

The changes are proposed to take effect no later than 1 October 2020 and below is a summary of what is proposed:

  1. Tenants may now be liable for compliance with Essential Safety Maintenance obligations.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Madgwicks is a member of Meritas, one of the world's largest law firm alliances.

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