The grant of the Development Lease will be subject to you satisfying the Conditions in the Option by the required date. On:
Satisfaction of the conditions in the Option
Exercise of the Option by you
Where the land is within a pastoral lease, the land being surrendered from the pastoral lease
The Development Lease, any access easement and any other easements required in connection with your project, will then be granted by the State.
During the term of the Development Lease, nominal rent will be charged as an investment incentive. The Development Lease will be offered under Section 79 of the Land Administration Act 1997 (LAA) and is legal tenure.
During the term of the Development Lease, you must develop the land in accordance with your Development Plan which would have been submitted as a condition of the Option. The development conditions and milestones will be included in the Development Lease.
If the conditions of the Development Lease are not met, the lease may end by expiry or forfeiture. However, if circumstances arise which prevent you from fulfilling the lease conditions, an extension to the lease may be considered by the Minister for Lands (the Minister).
If the Development Lease is terminated, the State reserves the right to:
Offer the land for development via public release process
Make a direct offer to other interested parties
If the land was part of a Pastoral Lease, return the land to the former pastoral lease.
Something To Remember
Long-term tenure can only be granted when all conditions of the Development Lease are met.
As soon as all the conditions of the Development Lease have been addressed you should advise DoL, and also provide the required evidence as specified in you lease, quoting your job number. Once DoL receives this advice it can take action so the long-term tenure, that is long-term lease or freehold as approved, can be granted by the Minister.
This will include obtaining another valuation for the current unimproved market for the rent for the long-term lease (or purchase price for freehold). As more information can now be provided to the Valuer-General this will enable a more finite valuation before the Development Lease is issued.
Once all the conditions of the Development Lease have been met, the Minister will grant you a long-term lease, under Section 79 of the LAA, or freehold, if freehold is offered by the Minister as part of the Option.
Rent for the long-term lease, or purchase price for freehold, will be determined by the Minister who must obtain and have regard to the current unimproved market value as advised by the Valuer-General.
Congratulations! You have successfully navigated your way through the four stages of the LTPIA to the end of the pathway to achieve your desired tenure.