QLD Lease renewal, rent increase

[L Perry]

HI. Have leased premises for 13 years. Previously 3 x 3years, but moved to 6 monthly, with options for renewal, as was considering selling business.

Have asked to go back to 3years x 3, rather than 6 monthly, but the increase in monthly rental was high (over 11% and more). Thought I would be better off exercising the 6 monthly option on the existing contract. But the landlord now wants to increase the monthly rate by 27.5% which he describes as 'Market Rent'.

I have contacted agents for other premises and have been quoted a much lower rate. I could move, although I have significant investment in fitout, etc. So not the preferred option.

Can the landlord charge whatever he likes? If I am simply exercising an option which has a stated 5% increase per signing (6 months), can he change the terms?
Thanks

 

[Rob Legat - SBPL]

Does the Retail Shop Leases Act apply to the tenancy?

 

[Adam1user]

I think this one is obvious, the contract should state about the rental increase rate and how often, most commercial contracts that I have seen have the clause in them, if not, then see which Act or Law that applies (As Rob asked).