Queensland Consolidated Acts Queensland Consolidated Acts(1) A lease granted under this subdivision for private residential purposes is subject to all of the following conditions--
(a) if the lease is granted under section 40D(1)(a)--
(i) it must be for 99 years; and
(ii) the annual rental under the lease is the amount, of not more than $1, decided by the trustee of the lease land; and
(iii) the consideration payable for the lease must include, as a lump sum payment, an amount equal to the value of the lease land as decided by the trustee using--
(A) a valuation methodology decided by the chief executive; and
(B) the benchmark purchase price, as prescribed under a regulation, for land in the part of the State in which the lease land is situated;
(b) if a private residential premises is not situated on the lease land--the lessee must ensure a private residential premises is built on the land within 8 years after the lease is granted;
(c) an interest may be created under the lease only if the interest is a residential tenancy agreement or a mortgage of the lease.
(2) A trustee may grant a lease for private residential purposes only if the amount mentioned in subsection (1)(a)(iii) has been paid to the trustee.
(3) The chief executive--
(a) must, if requested, give a person a copy of the valuation methodology mentioned in subsection (1)(a)(iii); and
(b) may make the valuation methodology available for inspection on the department's website.