| Long Title |
The purpose of this Bill is to implement amendments resulting from a statutory review of the Act, which regulates lease agreements for certain small businesses conducting their operations in retail premises of 1000 sqm or less. Highlights of the Bill include -
new definitions for major terms contained in the Act, including "retail shop lease", "shopping centre", "total lettable area"; provisions relating to tenant rent reviews, including ensuring that there is only one means of calculating rent per review specified in a lease; a Tenant Guide is to be introduced; valid occupancy cost contributions " limiting a tenant’s contribution to operating expenses by relating the amounts they contribute to the proportion of floor area that the tenant’s shop bears to the shopping centre’s total lettable area " together with the disclosure of all pertinent information prior to the lease contract and protective audit provisions; choice of trading hours by retail tenants allowing tenants complete discretion to determine their own trading hours. The measures included in the Bill cannot be applied retrospectively to current leases. |