Welcome to this month's First National Commercial Marketing Update. And a focus this time is a relatively old piece of legislation: Retail Leases Act of 1994. It's been a number of small changes to the act along the way mainly in the 2000s. This year, first of July, sort of fairly major amendments to the way the leases are put into place.
A few things updated the transparency and made the process a lot easier for both tenants and landlords. First, is the requirement for the landlord to provide a lot more information with the leases before they're put into place. Secondly, compulsory registration for leases over three years. Thirdly, the provision of those leases back to the tenant within a certain timeframe. And fourthly, the bonds must be processed within a certain timeframe.
Ultimately the idea is to make the whole transaction a lot easier. The industry believes that a provision of a prescribed lease may help this process a bit further more about that a bit later.
Thank you, coming to you from just outside the Performing Arts Center in Wollongong, enjoy your month.