The Government has granted a new 99-year $4.5 million lease to the luxury condo resort Villas of the Galleon.
Leader of Government Business Kurt Tibbetts announced in the Legislative Assembly on Thursday 4.264 acres of Crown land along Seven Mile Beach had been vested to the owners until 2105.
The property’s original lease for 99 years was signed in 1950 and due to expire in 2049.
Cabinet approved the lease extension provisionally in mid-2006 and the lease, and evaluation of the property price, dates from then.
The Ritz-Carlton and Westin Casuarina Hotel, between which the Villas of the Galleon is situated, also have 99 years leases, Mr. Tibbetts said.
He said that three evaluations of the site had been taken, as required by law, to determine its value.