In 2017, changes were made to the NSW Retail Leases Act, with the aim of making things simpler and more transparent for both landlords and tenants. These amendments came into effect on July 1st, 2017.
Key changes that affect retail property owners include:
- The removal of the minimum five-year term for leases
- An obligation for landlords to fully disclose all outgoings
- The requirement that leases of more than three years be registered with Land and Property Information
- The requirement that landlords provide retailers with an executed copy of the lease within three months of signing
- The introduction of more specific timeframes to streamline the retail lease assignment process.
For more information, feel free to contact Commercial Property Manager Leanne Chalmers via email or by calling 0407 879 623. You can also take a look at this summary of changes or download a factsheet.