Section 15 of the Retail Leases Act 2003 (Vic) (“Act”) requires that when a landlord or its agent commences negotiations with a prospective tenant or their representative for a retail lease, in addition to provision of a copy of the proposed retail lease and disclosure statement, the landlord or its agent must also provide the prospective tenant or their representative with a copy of the prescribed information brochure produced by the Victorian Small Business Commissioner.
The prescribed information brochure sets out the obligations of tenants and landlords under Section 15 of the Act.
The prescribed information brochure produced by the Victorian Small Business Commissioner was updated in November 2012 following the commencement of the Retail Lease Amendment Act 2012 (Vic) (“Amendment Act”). The prescribed information brochure includes information regarding the application and coverage of the Act, disclosure requirements and obligations for landlords and unconscionable conduct. The information brochure also includes a checklist of matters that a tenant should consider before entering into a retail lease. A copy of the information brochure can be obtained from the Small Business Commissioner website at www.sbc.vic.gov.au.
It is important for all landlords and their agents to ensure that the updated prescribed information brochure is provided to the tenant or the tenant’s representative simultaneously with a copy of the retail lease and disclosure statement.
In addition, the Amendment Act also removes the requirement to notify the Small Business Commissioner of new leases under Section 25 of the Act.
Please contact Carlo Furletti if you require any further information.