Victorian Numbered Acts

RETAIL LEASES AMENDMENT ACT 2020 (NO. 26 OF 2020) - SECT 12

    (1)     For the heading to section 28 of the Retail Leases Act 2003 substitute —

" Landlord to give tenant certain information before option to renew lease expires ".

    (2)     For section 28(1) of the Retail Leases Act 2003 substitute —

    "(1)     This section applies if a retail premises lease contains an option exercisable by the tenant to renew the lease for a further term.

    (1A)     The landlord, at least 3 months before the last date that an option to renew the lease may be exercised, must give the tenant written notice setting out—

        (a)     the date by which the option to renew the lease may be exercised by the tenant; and

        (b)     the rent payable for the first 12 months under any renewed term of the lease; and

        (c)     the availability of an early rent review under section 28A; and

        (d)     the availability of a cooling off period under section 28B; and

        (e)     any changes to the most recent disclosure statement provided to the tenant, other than any changes in relation to rent.".

    (3)     In section 28(2) of the Retail Leases Act 2003 , for "If subsection (1) requires the landlord to notify the tenant but the landlord fails to do so within the time specified by that subsection" substitute "If the landlord fails to give the tenant all of the information required by subsection (1A) or to give written notice within the time specified by that subsection".

    (4)     In section 28(2)(a) of the Retail Leases Act 2003 , for "6 months" substitute "3 months".

    (5)     For section 28(2)(b) of the Retail Leases Act 2003 substitute —

    "(b)     subject to subsections (2A) and (2B), if that date is after the term of the lease ends, the lease continues until that date on the same terms and conditions as applied immediately before the lease term ends, unless the landlord and tenant otherwise agree; and".

    (6)     After section 28(2) of the Retail Leases Act 2003 insert —

    "(2A)     If the tenant requests an early rent review under section 28A and the rent determination under that review is less than the rent payable under the lease during a term extended under subsection (2)(b), the rent payable during the extended term is to be equal to the rent determination.

    (2B)     If the tenant does not request an early rent review under section 28A but the rent specified in a written notice under subsection (1A) is less than the rent payable under the lease during a term extended under subsection (2)(b), the rent payable during the extended term is to be equal to the rent specified in the notice.".