The State government has recently updated the regulations that support the Retail Leases Act 2003 and are known as the Retail Leases Amendment Regulations 2022.
The keys changes include the provision of new disclosure statements as follows:
– The timing of the initial service of the disclosure statement and proposed lease to a new tenant increases from 7 to 14 days as per the 2020 Amendment Act.
– The provision of updated details in the disclosure statements in the outgoings section of the schedule 1 and 2 statements.
– The schedule 3 disclosure statement (renewal of lease) now incorporates changes as required by section 28 under the 2020 Amendment Act.
– The changes are with effect from December 1st this year.
The regulations can be found here:
https://content.legislation.vic.gov.au/sites/default/files/2022-09/22-099sra%20authorised.pdf
If you wish to discuss any of the provisions further, please contact our property management department.
