Term of lease
137AA Term of lease
S. 137AA inserted by No. 10011 s. 10.
Subject to this section, the term of a lease granted under this subdivision shall not exceed 21 years.
The term of a lease granted under this subdivision for commercial or industrial purposes may exceed 21 years but shall not, subject to subsection (3), exceed 50 years.
S. 137AA(3) substituted by No. 40/2009 s. 28(1).
The Minister may grant a lease of land for commercial or industrial purposes under this subdivision for a term of more than 50 years but not more than 99 years if the Minister is satisfied that—
a building or structure erected or to be erected on the land; or
an improvement made or to be made on or to the land—
is of a substantial nature and of a value which justifies a lease term exceeding 50 years.
S. 137AA(4) amended by Nos 40/2009 s. 28(2), 25/2023 s. 7(Sch. 1 item 17.16).
Notwithstanding anything in the Crown Land (Reserves) Act 1978, where there is on any Crown land any improvement which is of a substantial nature and is the property of the Crown, the Minister on behalf of His Majesty, may grant a special lease of the land for a term not exceeding 99 years.
S. 137AA(5) inserted by No. 96/1994 s. 13(2).
Without limiting section 134, a lease granted under that section may contain—
options for the lessee to renew the lease for a further term or terms; and
provision for a lessee to remain in occupation of the land under the same terms and conditions as existed under the lease, at the discretion of the lessor, for a period not exceeding 3 months from the expiry of the lease.
S. 137AA(6) inserted by No. 96/1994 s. 13(2).
In the case of a lease under subsection (1), if the lease contains options for renewal of the lease by the lessee, the aggregate of the original term and the further term or terms must not exceed 21 years.
S. 137AA(7) inserted by No. 96/1994 s. 13(2).
In the case of a lease under subsection (2), if the lease contains options for renewal of the lease by the lessee, the aggregate of the original term and the further term or terms must not exceed 50 years.
S. 137AA(8) inserted by No. 96/1994 s. 13(2).
In the case of a lease under subsections (3) or (4), if the lease contains options for renewal of the lease by the lessee, the aggregate of the original term and the further term or terms must not exceed 99 years.
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