Retail Leases Act 2003

This section applies if a retail premises lease contains an option exercisable by the tenant to renew the lease for a further term.

The landlord, at least 3 months before the last date that an option to renew the lease may be exercised, must give the tenant written notice setting out—

the date by which the option to renew the lease may be exercised by the tenant; and

the rent payable for the first 12 months under any renewed term of the lease; and

the availability of an early rent review under section 28A; and

the availability of a cooling off period under section 28B; and

any changes to the most recent disclosure statement provided to the tenant, other than any changes in relation to rent.

If the landlord fails to give the tenant all of the information required by subsection (1A) or to give written notice within the time specified by that subsection—

the retail premises lease is taken to provide that the date after which the option is no longer exercisable is instead 3 months after the landlord notifies the tenant as required; and

subject to subsections (2A) and (2B), if that date is after the term of the lease ends, the lease continues until that date on the same terms and conditions as applied immediately before the lease term ends, unless the landlord and tenant otherwise agree; and

the tenant, whether or not the landlord has by then notified the tenant as required, may give written notice to the landlord terminating the lease from a specified day that is—

on or after the date on which the term of the lease ends; and

before the date until which the lease would otherwise have continued because of paragraph (b).

If the tenant requests an early rent review under section 28A and the rent determination under that review is less than the rent payable under the lease during a term extended under subsection (2)(b), the rent payable during the extended term is to be equal to the rent determination.

If the tenant does not request an early rent review under section 28A but the rent specified in a written notice under subsection (1A) is less than the rent payable under the lease during a term extended under subsection (2)(b), the rent payable during the extended term is to be equal to the rent specified in the notice.

If the tenant gives the landlord a notice of termination under subsection (2)(c), the lease terminates on the day specified in the notice.

If an option to renew is exercised because of subsection (2)(b) after the term of the lease ends, the lease for the further term commences on the expiry of the previous lease, disregarding for this purpose any period during which that lease continued because of that subsection.