lessee under a lease agreement holds a leasehold estate in land under
the common law. The lease must be a lease for years. The
estate arises because the lessee is granted exclusive occupation of
either part or the whole of the premises. However, an investor is
more concerned with the lessee's economic interest in the property
than his/her legal interest.
estates in perpetuity have been granted under NSW legislation and are
the highest form of leasehold estate. The ACT leasehold system of 99
years is also a very high estate.
also a leasehold estate.