The NSW government has announced a review of the NSW Retail Leases Act 1994, which impacts landlords, investors and retail tenants.
Minister for Small Business Victor Dominello says it’s timely to review the Act to consider the impact of any changes in the retail landscape and broader leasing practices and requirements.
“The review will consider whether the Act continues to meet its policy objectives and whether any amendments should be made to improve certainty and the regulatory environment for retail landlords and tenants,” he says.
“Cutting red tape, improving certainty and reducing administrative costs are primary objectives of the review.”
Mr Dominello says the effective operation of the Act is a key requirement for many businesses and investors and the review will help ensure the legislation remains effective and constructive.
“I look forward to the review identifying practical measures that will support business and the broader retail property industry,” he says.
An industry reference group will be established representing landlords, tenants and other key stakeholders to support the review and provide industry expertise. An “inclusive” public consultation process will also ensure other stakeholders are afforded the opportunity to have their say.
NSW Small Business Commissioner Chris Lamont, who will be conducting the review, says he expects it will provide a renewed focus on improving business relationships between retail leasing tenants and landlords.
“The Retail Leases Act should be clear, reflect industry expectations and promote confidence across the business sector,” he says.
Stakeholders are encouraged to participate in the review and can review the discussion paper, terms of reference and complete the online survey by visiting the Have your say website. The review is expected to be completed within nine months.