Retail Lease Disclosure Statements

A retail lease disclosure statement is a prescribed form a landlord must give a tenant before signing a retail lease. It summarises the key financial and operational terms of the deal. We draft, review, and act on disclosure statements for landlords and tenants across Australia.

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Disclosure statements aren’t a formality. A disclosure statement that’s late, missing, or materially wrong can give the tenant a statutory right to terminate the lease, withhold rent, or claim compensation. Our commercial lease lawyers handle disclosure across all Australian states. The Victorian Small Business Commission explains the importance of accurate lease information for retail tenants.

What a disclosure statement does

The disclosure statement is the landlord’s “tell-the-tenant-everything-up-front” document. It covers (in broad terms):

The premises and the parties
The term and any options to renew
The rent and how it’s reviewed
Recoverable outgoings, with an estimate
Permitted use
Any fit-out works the landlord will do
Any incentives (rent free, fit-out contribution, cash)
Demolition or relocation clauses
Whether the premises are in a shopping centre, and shopping centre information if so
Other prescribed information unique to the relevant state

The tenant signs the disclosure statement and the lease at or around the same time. The signed disclosure statement then becomes the benchmark for what the tenant was told before committing.

Disclosure rules by state

Each state’s retail leases Act has its own disclosure regime. The headline differences:

Victoria - Retail Leases Act 2003

Section 17 of the Act requires the landlord to give a disclosure statement at least 14 days before the lease is signed
Four prescribed forms under the Retail Leases Regulations 2023: Schedule 1 (standard retail), Schedule 2 (shopping centre), Schedule 3 (option exercise/renewal), Schedule 4 (assignment)
On exercise of an option, the landlord must give a Schedule 3 disclosure at least 21 days before the end of the current term
On agreed renewal, the landlord must give Schedule 3 within 14 days of agreement
If the disclosure is late or wrong, the tenant may withhold rent until it’s provided and may have a right to terminate

NSW - Retail Leases Act 1994

Lessor’s disclosure statement required before the tenant enters into the lease
Tenant must give a disclosure statement back
Late or defective disclosure can give the tenant a right to terminate within six months

Queensland - Retail Shop Leases Act 1994

Lessor disclosure statement required at least seven days before the lease is signed
Tenant disclosure statement also required
Defective disclosure gives termination rights and compensation claims

Other states and territories

WA, SA, ACT, and the NT each have their own disclosure regimes. Tasmania’s Fair Trading (Code of Practice for Retail Tenancies) Act 2022 also imposes disclosure obligations.

We work across all jurisdictions and draft to the relevant Act. Where the lease qualifies as a retail lease, the disclosure requirements are stricter.

What we do

For landlords

Draft compliant disclosure statements aligned with the lease
Confirm timing for new leases, option exercises, and renewals
Update disclosures when terms change between negotiation and signing
Defend tenant claims of defective or late disclosure

For tenants

Review disclosure statements against the lease and the relevant Act (often as part of a broader lease review)
Identify missing or inconsistent information
Advise on withholding, termination, and compensation rights when disclosure is defective
Run disputes through the relevant small business commissioner and tribunal

Common disclosure problems

Disclosure statement not given, or given less than the prescribed time before signing
Outgoings estimate missing or unrealistic
Fit-out works promised verbally but not recorded
Incentives not disclosed
Demolition clause not flagged
Schedule 3 not given on option exercise (Vic)
Tenant disclosure not collected by the landlord
Disclosure statement and lease inconsistent

Each of these can become leverage in a later dispute.

Tenant remedies for defective disclosure

The remedies vary by state, but typically include:

Withhold rent until the correct disclosure is provided
Terminate the lease within a defined window after receiving the correct disclosure
Claim compensation for loss arising from misleading or omitted information
Recover overpaid outgoings where the omission relates to outgoings

We use these to negotiate hard at the start of any dispute.

Frequently asked questions

Do I need to give a disclosure statement on a non-retail lease?

Generally no. Disclosure obligations apply to retail leases under the relevant state Act. Office, industrial, and warehouse leases that don’t qualify as retail premises usually don’t trigger them.

When does the disclosure statement need to be given?

It depends on the state. Victoria requires 14 days before signing. NSW and Queensland have their own timing rules. We confirm before drafting.

What happens if the landlord doesn’t give a disclosure statement?

The tenant generally has the right to withhold rent until it’s provided, and may have a right to terminate the lease. The detail varies by state.

What goes in a disclosure statement?

The premises, term, rent, rent reviews, outgoings, options, incentives, fit-out, permitted use, and other prescribed information. The relevant state regulations set out the form.

Who prepares the disclosure statement?

The landlord, usually with their solicitor. The tenant can rely on the prescribed form being completed accurately, and has remedies if it’s not.

Is there a tenant disclosure statement?

In NSW and Queensland, yes. The tenant must give the landlord a tenant disclosure statement. Victoria doesn’t currently require one for new leases but does for assignments.

Do I need to update the disclosure statement on renewal?

Usually yes, in some form. Victoria’s Schedule 3 is the renewal disclosure. Other states have equivalents.

How much does disclosure statement work cost?

Fixed fee on drafting and review. Disputes scoped in stages. Send us the lease and we’ll come back with a quote within one business day.

Talk to a disclosure statement lawyer

Get the disclosure right at the start of the lease, and you head off most of the disputes that follow.