On 5 April 2017, the New South Wales Government signed and sealed a Commencement Proclamation which will bring into effect the Retail Leases Amendment (Review) Act 2017 (NSW) (Act) on 1 July 2017 as the day on which that Act commences.
Among other things, the Act will introduce tighter obligations on the lessor by way of:
- Changes to the disclosure of outgoings and expenses in the Lessor’s Disclosure statement
- Compensation for reasonable costs to be paid to the lessee where the lessee terminates for the lessor’s failure to comply with its obligation to provide the Lessor’s Disclosure Statement at least 7 days prior to entering into the lease
- Mortgagee consent expenses to be paid by the lessor
For an in-depth review of the changes under the Act, please see our article Proposed changes to retail leasing legislation – what you need to know.