Retail Leases Act 2003

If a retail premises lease provides for a rent review to be made on the basis of the current market rent of the premises, the tenant may request the landlord for an early rent review in accordance with this section.

The tenant may request an early rent review by giving the landlord written notice of the request within 28 days after the landlord gives notice under section 28(1A).

The tenant must notify the landlord in writing as to whether the tenant exercises the option to renew the lease on or before the last date that the option to renew the lease may be exercised.

If a specialist retail valuer is appointed to determine the current market rent but the tenant is not notified of the rent determination at least 14 days before the last date that the option to renew the lease may be exercised, that date is extended to 14 days after the date on which the tenant is notified.

If the tenant exercises the option to renew the lease, but the last date that the option may be exercised is extended under subsection (4) until after the lease term ends, the term of the lease is extended on the same terms and conditions to that date, unless the landlord and tenant otherwise agree.

If the tenant does not exercise the option to renew the lease, and the date that is 3 months after the last date that the option to renew the lease may be exercised is after the lease term ends, the term of the lease is extended on the same terms and conditions to that date, unless the landlord and tenant otherwise agree.

Despite subsections (5) and (6), if the rent determination under an early rent review is less than the rent payable under the lease during an extended term, the rent payable during the extended term is to be equal to the rent determination.