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More disclosure urged for retail tenants

Soaring rents in the retail sector have prompted calls for a register of leases and a rebalance of power between landlords and store owners.

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Subiaco
Trouble is that small to mid size centres are caught up in the same rubbish legislation within the Retail Act. Who is representing these owners to the Dept of Commerce and the Govt ?. IF it is decided by the Dept and Govt that the largest centres are the cause of the majority of the disputes then amend the Act to reflect this fact eg centres over 5000m2. Further It is amazing that mums & dads can lease an office and there are basically no rules, minm disclosure, ratchet clauses, full legals etc and Directors guarantees but there is no increased legislation. As it is now in Retail one has to provide a prospective tenant with a Tenant Guide & a full draft Lease & a Disclosure statement.....what could they possibly not understand. An Owner is not really sure when he has a Tenant. The only thing the Dept could further address is instead of recommending they see a solicitor they have to get it signed off by one; similar to a Bank Loan. As to Rent Reviews tenants are only beholden to the contract so instead of signing up to market reviews perhaps sign to CPI or fixed % OR don't sign. As to Guarantees are you allowed to walk from your mortgage or car loan, why is it fair to vacate your lease. Overall though IF the larger centres are causing disputes address these centres not every centre as the compliance to the ambiguous and overbearing amended Retail Act is unreasonable to small centre owners.

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