The NSW Small Business Commissioner is currently reviewing, and considering making changes to, the Retail Leases Act 1994 (NSW) (the Act). While the review is a broad review of the Act, the NSW government seeks to ascertain whether the objectives of the Act remain current and in line with government policies.
It is important to note that practices surrounding commercial and retail leases have changed in light of the Covid-19 pandemic, in particular in the area of lease dispute resolution, prompting review of the Act. Some of the key proposed changes that are being considered include:
- Redefining a retail shop lease;
- Expanding the definition of retail shop leases to cover more businesses;
- modifying the disclosure obligations of landlords and tenants of retail shop leases;
- improving the dispute resolution procedures for landlords and tenants of retail shop leases with a view to improving efficiency and the effectiveness of mediation or dispute resolution;
- clarifying the obligations of the parties to a retail shop lease and removing ambiguity in the interpretation of the Act;
- reducing the risk of potential lease disputes; and
- improving bond processing and recovery arrangements.
If your lease is due for renewal or you are seeking to enter into a lease for your business, please contact one of our Business and Leasing Lawyers at Long Saad Woodbridge Lawyers on (02) 9279-4888 to understand how the proposed changes may affect your lease or business.
Important Disclaimer: The content of this article is general in nature and for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.