Crown to sell Western Lands Leases to leaseholders
07-May-2018Currently, most of the land in the Western Division of NSW is Crown land leased to individuals pursuant to Western Lands Leases, however this may change due to the new legislative scheme introduced this year. The Crown Land Management Act 2016 and Crown Land Legislation Amendment Act 2017 gives eligible leaseholders the opportunity to purchase their Western Lands Lease and obtain freehold title to their land.
Interested Western Lands leaseholders can apply to the Department of Industry with applications to be assessed against certain eligibility criteria. Eligible land includes land in urban areas, land in a rural area used for residential, business or industrial purposes and rural land capable of moderate to high land uses including cropping, cultivation and grazing (rural land uses are assessed against a Department land and soil capability map).
For rural Western Lands Leases, the cost to purchase will be 3% of the land value and for non-rural Leases, the total land value will be payable. In addition there is an application fee of $474 as well as stamp duty and other associated costs.
For more information on how to apply to purchase your Western Lands Lease and any eligibility criteria, please visit the Department of Industry website at https://www.industry.nsw.gov.au/lands/use/leases/western or arrange to speak with one of the Property team at Webb & Boland.