Question: Do retail leases have a minimum time limit?
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!
Answered by Ursula Hogben
Ursula is General Counsel at LegalVision. She has over 15 years' local and international investment banking and corporate law experience. Ursula has expertise in capital raising, mergers and acquisitions, information technology and general corporate law. Ursula is an active member of Australia's entrepreneur community and speaks, writes and is interviewed on issues relevant to startups and established businesses.
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