Changes to Retail Leases Act give businesses a fair go
Local retail businesses are set to benefit from significant changes to the NSW Retail Leases Act, which will help create stronger and fairer relationships between tenants and landlords in the retail industry.
Member for Coffs Harbour, Andrew Fraser, said these changes would help give retailers in the Coffs Harbour electorate a fair go when it comes to leasing agreements.
“The NSW Government has been working hard to reduce red tape, simplify the costs of leasing and ensure transparent compliance terms for retail businesses,” Mr Fraser said.
“These landmark reforms mean that local retailers will see increased transparency and certainty when it comes to striking a fair agreement with a landlord.
“Local tenants will also see more protections including the return of bank guarantees and registration of leases, as well as a more simplified process when transferring a retail lease.”
Deputy Premier John Barilaro said the changes to the Act are the most progressive, wide-ranging and balanced in Australia.
“For the first time in more than a decade, significant changes have been made to the Act in close consultation with industry to provide more clarity and certainty for all parties,” Deputy Premier Barilaro said.
Mr Barilaro said a Retail Code of Industry Practice is also being developed and negotiated by industry to address misinformation and encourage the reporting of sales and occupancy costs.
“The Code will support enhanced competition for retailing space, and more market-based outcomes from rent negotiations,” Mr Barilaro said.
Signatories to the Code will represent parties to retail leases inside large shopping centres in order to increase the sharing of information between landlords and tenants.