Are you a small bar owner or run a fitness centre in New South Wales? If yes, there’s essential news for you. Effective January 1, 2023, the NSW Retail Leases Act has undergone key amendments that you can’t afford to overlook. At Baulkham Hills Conveyancing, we break down what these changes mean for your business.
Scope Expansion:
Previously, certain businesses were not explicitly covered by the Retail Leases Act unless they were part of a retail complex like a shopping centre. The changes, however, expand the list of businesses falling under the Act’s purview.
Specific Inclusions:
If you operate a gymnasium, yoga, barre, pilates, or dance studio, you are now included under the Act. The same applies for small bars with a maximum patron capacity of 120. The NSW Small Business Commissioner conducted a public consultation in November 2022, leading to this more inclusive approach.
Why It Matters:
Being covered by the Retail Leases Act means your business will enjoy increased legal protections, including safeguard against certain kinds of conduct by landlords. Financially, the Act stipulates that landlords cannot charge tenants for lease preparation costs, offering a monetary benefit to your business.
Implications:
- Lease Protections: Retail Leases provide enhanced tenant-friendly provisions, making your life easier.
- Financial Relief: Lease preparation costs won’t be your burden, providing financial relief to businesses.
- Legal Safeguards: Expertise in this updated legislation is essential for drafting and negotiating leases effectively.
How Baulkham Hills Conveyancing Can Help:
Navigating the complexities of the Retail Leases Act can be daunting. Our experts at Baulkham Hills Conveyancing are well-versed in the recent changes and are ready to assist you in understanding your new rights and responsibilities.
Conclusion:
The 2023 amendments to the Retail Leases Act offer added protections and opportunities for a broader range of businesses. To ensure you’re making the most of these changes, professional guidance is essential. Reach out to us at Baulkham Hills Conveyancing for expert advice tailored to your needs.