Retail Leases Act 2022

If, within 21 days after the date on which a valuation of current market rent is carried out under section 43, the landlord or the tenant disputes that valuation, the landlord or the tenant may apply to the Director for a review of that current market rent valuation.

An application under subsection (1) is to – be in writing; and include a copy of the valuation of current market rent that is the subject of the review.

On receipt of an application under subsection (1), the Director is to appoint 2 specialist retail valuers – to each carry out an independent valuation of the current market rent; and to agree on the amount of that valuation, taking into account the matters set out in section 43(1).

A landlord must, not later than 14 days after a request by a specialist retail valuer is made to the landlord, supply the valuer with all relevant information about retail leases for retail premises situated in the same building or retail shopping centre to enable the valuers to carry out the independent valuation of the current market rent of the retail premises that are the subject of the valuation. In the case of – a body corporate, a fine not exceeding 50 penalty units; and an individual, a fine not exceeding 25 penalty units.

An independent valuation of current market rent that is agreed on by both specialist retail valuers is to – be in writing; and contain detailed reasons for the specialist retail valuers’ determination; and specify the matters to which the valuers had regard in making the valuation and determination of the current market rent.

The specialist retail valuers appointed under this section, to undertake an independent valuation of current market rent, must carry out that valuation no later than one month after accepting the appointment.

If the specialist retail valuers cannot agree on the amount of the independent valuation of current market rent carried out for the purposes of this section, the original valuation made in accordance with section 43 stands.

The parties to a retail lease are to pay in equal shares the costs of a review of a valuation under this section.