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Retail leases - new form of disclosure statement
Released 9 November 2010

On 1 January 2011, the eastern seaboard States of New South Wales, Victoria and Queensland will jointly adopt a new disclosure statement for retail leasing to replace the lessor's disclosure statement that currently forms Schedule 2 to the Retail Leases Act 1994 

In relation to retail leases that are entered prior to 1 January 2011, the existing form of lessor's disclosure statement in each State should be provided. However, in relation to a retail lease which is entered into on or after 1 January 2011, then the new form of disclosure statement must be provided.

This adoption of, what is in essence, the Victorian form of the retail leases disclosure statement is part of a national approach to retail leasing legislation. It is understood that other States are sitting back and watching on a "wait and see" basis as to how the new disclosure statement will assist in creating more meaningful disclosure in retail leasing.

There are many changes in the new disclosure statement including several additional attachments that are now mandated. These include a premises plan for the shop as well as, in the event of a shopping centre, a floor plan, customer traffic flow statistics (where collected) and a copy of any casual mall licensing policy.

The new Lessor’s disclosure statement can be downloaded from the Office of NSW Small Business Commissioner's website. Click here to read the legislation enacting the new disclosure statement.

Gary Newton is a Partner at Colin Biggers & Paisley. For more information, contact gdn@cbp.com.au