Version No. 027
Retail Leases Act 2003
No. 4 of 2003
Version incorporating amendments as at
1 July 2024
TABLE OF PROVISIONS
Section Page
Part 1—Preliminary
1Main purpose
2Commencement
Part 2—Definitions and key concepts
3Definitions
4Meaning of retail premises
5Minister may make determinations
6Meaning of common areas of a shopping centre
7When retail premises lease is entered into or assigned
8Effect of assignment of retail premises lease
9Meaning of renewal of a lease
10Holding over under a retail premises lease
Part 3—Application of the Act
11Application generally
12Application if lease term of less than a year
13Act applies to retail premises in Victoria
14 Act binds the Crown
Part 4—Entering into or renewing a retail premises lease
Division 1—Entering into a retail premises lease
15Copy of lease to be provided at negotiation stage
16Lease must be in writing and signed
17Provision of landlord's disclosure statement and proposed lease
18Effect of notice of termination
19Notices of termination
20Tenant not required to pay undisclosed contributions
21Minimum 5 year term
22Tenant to be given copy of lease
23Key-money and goodwill payments prohibited
24Security deposits
Division 2—Renewal of a retail premises lease
26Landlord's disclosure on renewal of lease
27Option to renew
28Landlord to give tenant certain information before option to renew lease expires
28AEarly rent reviews
28BCooling off period—option to renew lease
Part 5—Rent and outgoings
Division 1—The fit out of the premises
29Meaning of outgoings to which a tenant contributes
30Alterations to premises to enable fit out
31Payment of rent when landlord's fit out not completed
32Special rent—cost of fit out
Division 2—Determination of the rent
33Rent based on turnover
34Agreement about rent based on turnover
Division 3—Review of the rent
35Rent reviews generally
36Extended application of section 35
37Rent reviews based on current market rent
38Confidentiality of information supplied to valuer
Division 4—Outgoings
39Recovery of outgoings from the tenant
40Liability to contribute to non‑specific outgoings
41Capital costs not recoverable
42Depreciation not recoverable
43Tenant not liable to contribute to sinking fund
44Interest etc. on landlord's borrowings not recoverable
45Rent etc. associated with other land not recoverable
46Estimate of outgoings
47Statement of outgoings
48Adjustment of contributions to outgoings
49Limitation on recovery of management fees
50Recovery of land tax and commercial and industrial property tax
51Liability for costs associated with lease
52Landlord's liability for repairs
Part 6—Refurbishment, relocation and other interferences with tenancy
Division 1—Refurbishment, relocation etc.
53Landlord to give notice of alterations and refurbishments
54Tenant to be compensated for interference
55Relocation of the tenant's business
56Demolition
57Damaged premises
58Refurbishment and refitting
Division 2—Other interferences with tenancy
59Restriction on whom the tenant employs or engages
Part 7—Assignment and termination of a retail premises lease
60When the landlord can withhold consent to an assignment
61Procedure for obtaining consent to assignment
62Protection of assignors and guarantors
63Landlord may reserve the right to refuse a sub-lease, mortgage etc.
64Notice of the landlord's intentions concerning renewal
Part 8—Additional requirements for retail shopping centres
65Part only applies to retail shopping centres
66Changes to core trading hours
67Confidentiality of turnover information