Question: Do retail leases have a minimum time limit?
Answer:Each State in Australia has their own legislation that regulates retail leases.
Under Victorian Legislation, Retail Leases Act 2003 (Vic) the minimum term for retail leases is five years including options to renew. However if the tenant wishes to lease for a shorter term, and the landlord does not object, the tenant can apply to the Victorian Small Business Commissioner to have this requirement waived.
In NSW the same five year minimum applies as per the Retail Leases Act 1994. If you want a shorter lease period you need to give the landlord a special notice known as a section 16 certificate. You will need to have this signed by a leasing or contract lawyer or conveyancer. LegalVision’s leasing lawyers will be happy to help!
