The Melbourne Market Authority (MMA) has signed new lease agreements with all 17 store tenants that reached the end of their nine-year lease terms and were subject to a market rent review.
Chair of the MMA Peter Tuohey said the MMA was pleased to have reached this point, with all tenants choosing to sign the new leases and remain at the Melbourne Market.
“We’re pleased to have reached a resolution that provides our tenants with clarity about their future at the market,” he said.
“We know it’s been a challenging period, but this outcome provides stability and certainty and allows the market to focus on what it does best, getting the freshest fruit and vegetables out to Victorians”.
Mr Tuohey said the revised rent reflects current market valuations assessed by the Valuer-General and is tailored to individual store size and location, with premises valued at approximately $35,600 to $121,600 per annum. The signed leases contain a base rent adjustment of plus 23-38% distributed evenly across the nine-year lease term.
He said the resolution establishes a consistent benchmark ahead of a lease renewal process in August 2025, which will cover approximately 100 additional tenancies.
Last year Fresh State mounted a campaign called Take the Pressure Off, labelling the proposed rent increases as ‘unsustainble, unjust and unbelieveable’.
