Retail Leases
The Retail Leases Act 2003 (Vic) regulates retail tenancies in Victoria, defining tenant rights and landlord duties to ensure fair leasing, including mandatory disclosure statements, a minimum 5-year term, and prohibitions on key money. It applies to most retail businesses, requiring landlords to provide a disclosure statement at least 7 days before entering a lease.
Key aspects of the Retail Leases Act 2003 include:
Application: Applies to premises used for selling/hiring goods or providing retail services.
Landlord Disclosure: Landlords must provide a disclosure statement and a copy of the proposed lease before the tenant signs.
Key Money/Goodwill: Prohibited.
Security Deposit: Landlords must return the deposit within 30 days of the lease ending.
Minimum Term: A minimum 5-year term is generally implied for new leases, including options.
Options to Renew: Landlords must notify tenants in writing at least 3 months before an option expires.
Dispute Resolution: Handled through the Victorian Small Business Commission (VSBC) and the Victorian Civil and Administrative Tribunal (VCAT).
Exemptions
The Act does not apply to all commercial leases. Exceptions include: