Housing Act 2003

If the chief executive is satisfied it is desirable to make land vested in the chief executive under this Act available to a person or body corporate for any purpose of or connected with the establishment or carrying on by him, her or it of an industry, trade, or business, including but without limit to the foregoing provisions of this subsection the provision of housing for his, her or its employees, the chief executive may set apart the land for the purposes of this section.

If land is set apart under subsection (1), then, subject to this subsection, the Governor in Council may, in the name of Her Majesty, demise by a lease in perpetuity or for a term of years that land to the person or body corporate to whom or which the chief executive is satisfied it is desirable to make that land available.

The capital value of land demised under subsection (2) shall be such sum as the Governor in Council upon the recommendation of the chief executive shall fix.

The Land Act 1994 applies, with all necessary changes, to a lease under subsection (2), except that—

any provision of that Act which is inconsistent with a provision of subsection (2) to the extent of such inconsistency shall not so apply; and

all coal, petroleum, helium, and minerals are hereby expressly declared to remain the property of the Crown; and

all rents payable in respect of lands so demised shall be paid to the chief executive; and

the lease may be granted subject to such covenants binding upon the lessee (with liability to forfeiture of the lease for a breach thereof) as the Governor in Council deems necessary to secure the performance by the lessee of the purpose for which the land was made available to the lessee.

For subsection (2B), the Land Act 1994 applies to a lease under subsection (2) as if a reference in that Act to the Minister were a reference to the Minister administering this Act.

Subject to this section, each rental period of a lease demised pursuant to subsection (2) shall be 1 year.

The first rental period of a lease demised after 31 December 1983 shall be from the date of the grant of the lease to 30 June next occurring after the expiration of 12 months from the date of grant.

For each rental period of 1 year (other than the first rental period of a lease) commencing after 31 December 1983, the annual rental shall be a sum equal to—

the prescribed percentage of the unimproved value of the land the subject of the lease at the date of commencement of the period in question; or

$30;

For a rental period mentioned in subsection (3A), the rental shall be an amount that bears to the amount that would have been the rental had the period been a rental period referred to in subsection (4) the same proportion that the actual rental period expressed in weeks (in which expression a part of a week shall be taken to be a whole week) bears to 52.

For the purposes of subsection (4) the unimproved value of land shall be—

in respect of the first rental period of a lease—the capital value of the land demised fixed pursuant to subsection (2A);

in the case where a valuation of the unimproved value of the land made by the chief executive (valuations) under the Valuation of Land Act 1944 is in force at the date of commencement of the rental period in question—the amount of that valuation or that amount as varied by the Land Court, on appeal by the lessee;

in any other case—the amount that the Governor in Council determines in the particular case to be the unimproved value of the land.

In this section—chief executive (valuations) means the chief executive of the department in which the Valuation of Land Act 1944 is administered.prescribed percentage means—

if a percentage is prescribed under a regulation for this definition and is effective at the date of commencement of the relevant rental period—that percentage; or

otherwise—10%.