Exercising an option to renew a retail lease in Victoria.
The Victorians Retail Leases Act 2003 (RLA) is the legal framework which regulates the leasing of retail premises in Victoria. “Retail premises” means premises used wholly or predominantly for the sale or hire of goods by “retail”, or the “retail” sale of services. There are, however, certain premises which are exempt from being considered retail premises.
“Retail” means the sale of goods, or the provision of services to the public or end users, as opposed to a wholesaler.
The RLA seeks to provide tenants with a level of security of tenure, which is particularly important in the retail industry, where…