Island life – taking the plunge! Diving in – what’s different?
While many are familiar with buying and owning freehold title property like vacant land, houses or units, the concept of leasehold title is different. In practice though, for property holders on Hamilton Island, the difference is not significant.
Title to all property on Hamilton Island (units and land) is leasehold, stemming from a Perpetual Crown Lease from the State of Queensland (the Crown) in favour of Hamilton Island Enterprises Ltd (HIE). This is known as the Head Lease, and perpetual means just that – the lease has no end date, as long as HIE continues to comply with its conditions, such as using Hamilton Island for the right purpose of a tourist destination and paying Crown rent.
Read more by selecting the Hamilton Island Guide booklet below.
“This guide covers the basics of buying and owning leasehold property, on one of Australia’s most iconic island destinations – Hamilton Island”.
Property & Development Law, December 2014.