14 Land rationalisation lease revenue
| 2008 $000 |
2007 $000 |
|
|---|---|---|
| Rental income from land rationalisation | 83 | 83 |
A 99 year operating lease for 118 grain receival sites was entered into with Co-operative Bulk Handling (CBH) in 2003. Rental Income for 99 years of $7.45 million was received in full at the commencement of the lease, and is accounted for as revenue over the 99 year lease period, with the prepaid portion shown as deferred income. (See Note 34 ‘Deferred income – operating leases’).
A further 99 year operating lease for 15 grain receival sites was entered into with CBH in 2004. Rental Income for 99 years of $775,000 was received in full at the commencement of the lease, and is accounted for as revenue over the 99 year lease period, with the prepaid portion shown as deferred income. (See Note 34 ‘Deferred income – operating leases’).