Victorian retail property owners receive red tape relief
Commercial retail property owners in Victoria will benefit from the state government's decision to eradicate nuisance red tape - smoothing the leasing process for investors.
The Real Estate Institute of Victoria (REIV) commended the government for its amendment to laws requiring all retail leases must be lodged with the Small Business Commissioner.
For those considering an investment in the state's retail property sector, the reform will mean savings of both time and money.
REIV chief executive Enzo Raimondo said the red tape had be an unnecessary cost for landlords as well as REIV member agencies.
"This is a good example how by reviewing the myriad of requirements government can cut business costs and make the economy more efficient," Mr Raimondo said.
"By removing this requirement our commercial and industrial members will be able to transact leases more efficiently, saving both time and money."
With the new streamlined process, the Victorian retail property market may attract more investment.
CBRE's latest Victoria Retail Market View report showed retail sales in the state's shopping centres has remained strong, with $1.8 billion passing through the hands of shoppers for the year to August- boosting confidence in the state's retail real estate market.
Mark Wizel, CBRE senior associate director, said the state's retail property sector was performing strong, with healthy demand from buyers.
"A lack of supply of freestanding retail assets and neighbourhood shopping centres has created pent up demand for these assets, which has enable yields to remain stable," Mr Wizel said in a Fairfax report.