Under the Retail Shop Leases Act 1994 (Qld), a retail shop means premises that are – (a) situated in a retail shopping centre; or b) used wholly or predominantly for the carrying on of one or more retail businesses.
Where a landlord and tenant cannot agree on current market rent for a retail shop for a market rent review, they may jointly appoint a valuer to make a determination of the current market rent or make a request for the nomination of a specialist retail valuer.
Under the Valuers Registration Act 1992 (Qld), a registered valuer is permitted to undertake valuation work on retail properties and provide retail rental valuation advice to a Lessor or Lessee.
Subject to the purpose of the rental valuation advice, any rental valuation advice should take account of the Retail Shop Leases Act 1994 (Qld) (RSLA) provisions, and a registered valuer should be familiar with the requirements of the RSLA if they are asked for advice on rental valuation matters for any occupied retail tenancy.
Work which is specifically restricted to a specialist retail valuer, that being a registered valuer listed as a specialist retail valuer with the Board, is a formal rental determination at the time of a market rent review in accordance with the provisions of the lease between the parties for a retail tenancy in accordance with the RSLA.
Further information on the requirements for listings as a specialist retail valuer is available via clicking here.