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ARTICLE · 25 SEPTEMBER 2019

Valuer and Retail Leases update – outgoings estimate

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An estimate of outgoings must be given if the lease is governed by the Act, both before the lease is entered into and annually.

AustraliaReal Estate and Construction
Rohan Ingleton
Rohan Ingleton

In brief

In the August edition, I mentioned that property managers must give an estimate of outgoings to tenants where the lease is governed by the Retail Leases Act 2003 (Vic) (Act).

This has now been confirmed in the July decision of Verraty Pty Ltd v Richmond Football Club Ltd (Building and Property) [2019] VCAT 1073. I also referred to this decision last month which confirms that a lease may fall out of the protection of the Act. I will comment further on this next month.

What you need to know

As mentioned in the August update, property managers need to ensure that a tenant under the Act is given an estimate of the outgoings in accordance with the Act. Therefore an estimate needs to be given before the commencement of the Act and annually thereafter.

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