Queensland Consolidated Acts Queensland Consolidated Acts(1) The purchasing price of the land comprised in a lease deemed, pursuant to this division, to be a freeholding lease shall be the amount of the unimproved value, as at the date of the receipt by the commission of the application referred to in section 4, of that land.
(1A) For the purposes of this section, the unimproved value of land shall be the amount which experienced persons would be willing to pay for the fee simple of the land, assuming that it were unimproved and were offered for sale on such reasonable terms and conditions as a bona fide seller would require.
(2) At the option of the lessee, the unimproved value of the land comprised in the lease in question shall be determined by--
(a) the commission; or
(b) the chief executive (valuations); or
(c) the Land Court.
(2A) In every case, the lessee shall exercise the lessee's option under subsection (2) by stating in the application referred to in section 4 or in a separate writing given to the commission the manner in which the lessee desires the unimproved value of the land comprised in the lease in question to be determined.
(2B) In every case where the lessee requires the chief executive (valuations) to determine the unimproved value of the land comprised in the lease in question, the commission shall request the chief executive (valuations) to determine and the chief executive (valuations) shall determine that value.
(2C) In every case where the lessee requires the Land Court to determine the unimproved value of the land comprised in the lease in question, the commission shall refer, or cause to be referred, to that court for hearing and determination the matter of the amount of the unimproved value of that land and thereupon that court shall hear and determine that matter.
(2D) Where pursuant to subsection (2) the chief executive (valuations) or the Land Court determines the unimproved value of the land comprised in the lease in question, the commission may require the lessee to pay the whole or such part of the costs incurred by it thereby as it may determine and if the lessee fails to pay the whole of the amount which pursuant to this subsection the lessee is required to pay, the commission may recover from the lessee in any court of competent jurisdiction, by action as for a debt, the unpaid balance of any such amount.
(4) The commission shall give to the lessee notice in writing of the amount of the purchasing price.
(5) The valuation of the unimproved value of any land determined by the commission, the chief executive (valuations) or the Land Court pursuant to this section shall have no force or effect save for the purpose for which that valuation is so determined or made.