95% LVR Vacant Land?

I guess if the land is generating around $33m in perpetuity, that suggests a price tag of $660m based on a 5% yield. Absolutely would buy, but finding a bank to finance me might be a problem. What are my chances of getting a non recourse loan for $660m with an interest rate of (say) 4% with nothing down?? Would make a cool $6.6m per year

Regarding your other point, you are on the money there. The land needs to be very unique for a major company to want to buy a leasehold and not just shop around for a freehold. For an operator like Harvey Norman, all sites are owned freehold by Harvey Norman? Someone will correct me if I am wrong.