In an example of some an issues that can arise with unit titles of leasehold land, Anna Gibson reports in the New Zealand Herald that ground rent at one of the country's largest high-density housing estates is rising 244 per cent from $900,000 to $3.1 million annually.

Instead of paying an average $3,400 for land under each of the 258 apartments at Auckland's Beaumont Quarter opposite Victoria Park, unit owners will now be up for an average $12,000 a year each.

A partial decision from arbitrator Sir Ian Barker, QC, setting the new ground rent at $3.1 million, has been issued and the full decision will be out later next month.

But owners are claiming the $3.1 million ground rent settlement as a big win because the land owners actually wanted $4.4 million a year.

The new $3.1 million annual leasehold payment has been backdated to April 1 last year.

The full article is available here