Recent changes to the Retail Shop Lease Act will have numerous practical effects for both Landlords and Tenants of retail shops.
One of the more significant recent changes to the Act has been the introduction of a new requirement for a Landlord of a retail shop lease to give an updated Lessor Disclosure Statement to their Tenant whenever a Tenant has exercised an option to renew their lease for an additional term. Previously, a Disclosure Statement only had to be given at the commencement of a new Lease.
Landlords must ensure that this statement is accurate and given promptly once a Tenant has given notice to renew. A failure to comply with this section gives the Tenant the ability to terminate the lease within six months of them entering into it, and if loss or damage has been suffered by the Tenant, the Landlord may be liable to pay compensation to them.
If you concerned about these changes will effect you or want more information, please contact us.
This post is general information only. It is not a substitute for legal advice from a lawyer. If you have a legal issue, you should always contact your lawyer to obtain advice that is relevant to your circumstances.