A perpetual lease, sometimes referred to as a ‘Glasgow lease’ or ‘Māori lease’, is somewhat of a misnomer as it usually lasts for 21 years. Once the lease expires the tenant has a right of renewal on the same terms and conditions as the original lease. The lease itself takes the form of a ground lease, covering the unimproved land only. Any improvements form part of the leasehold interest and are owned outright by the tenant.