Perhaps it could be vaguely workable if the “assessment period” was something like 20 years or more. It might be possible for a major property development to make a return on investment within 20 years, but not a lot shorter in most cases.
The long-term underlying lease doesn’t need to be a major limit. Private sub-lease contracts can cover shorter terms.
One further question is whether there should be any mechanism for voluntary relinquishment. There are serious problems to avoid in both directions.
Perhaps it could be vaguely workable if the “assessment period” was something like 20 years or more. It might be possible for a major property development to make a return on investment within 20 years, but not a lot shorter in most cases.
The long-term underlying lease doesn’t need to be a major limit. Private sub-lease contracts can cover shorter terms.
One further question is whether there should be any mechanism for voluntary relinquishment. There are serious problems to avoid in both directions.