PRESS RELEASE
26
1.
The following announcement is made in pursuance of the
promise that the Government would, as soon as possible, declare its
policy in relation to those Crown leases which were granted during the
last century for terms of seventy-five years with no provision as to
renewal.
2.
While it is not intended that the Government should insist
upon its strict legal rights, which would include delivery up of the
premises without any compensation for structures or development on the
expiration of the terms of the \sase, the adequate development of the
leased area in accordance with the needs of the community would be a
condition precedent to the grant of any new Crown Lease,
3.
The terms of the various existing luases, the development
and disposition of the leased areas and the present conditim of the promise
on those areas vary so widely that it is impossible to formulate detailed
terms which would cover all cases.
4.
In addition to such special conditions as the circumstances
of any individual case might require, the following conditions would be
applicable to all approved grants for new Crown Leanes, whother or not the
property had suffered war damage1-
(a) The applicant would be required to surrender his
interest in the existing term and the new Crown Lease
would be for a term of 75 years plus the unexpired
portion of the original term. The Crown rent would
remain at its present amount until the expiry of the
original tern, whereafter -assessed Crown rent
would be payable.
(b) Payment of a renewal prenium would be required but
Leaseholders would be given the option of paying this
either in a lump sum, or by instalments over an agreed
period of years, or over the unexpired portim of the
original torm together with the whole of the additions/
tera. Where the premium is to be paid by instalments;
an addition would be made to allow for interest in reik
of the deferred payments.