Some tenants prefer to specify a rent to be paid during the extended term of the lease but generally parties find it difficult to agree on a rent that is to be paid 5 years in the future. There are no standard leases prescribed by legislation in Victoria or elsewhere in Australia.
Best Property Conveyancing In some States (as in NSW) a standard lease has been developed in consultation with the property and retail industries.Use of a standard lease is optional and is generally for smaller tenancies in strip centers.” “Standard leases are rarely used in shopping centers as each centre is a unique site and leases need to be customized to the requirements of the center.
We will co-operate in developing an agreed standard lease for general and optional use. However we will oppose any attempt to force a standard lease on shopping centers by legislation.
Public corporations are usually capable of negotiating a lease without needing protection from the law. However, public corporations are included in the NSW Retail Leases Act and, for consistency; we will accept their inclusion in Victoria.
The typical independent specialty store run as a small business is around 100 square meters. We understand the concern that under the present 1000 square meter limit that some large format stand alone stores (such as carpet warehouses) that are run by small businesses fall outside the Act.