@Motel Mingle
apologies for the amount of question in the one blurt of questions.
i agree , we'll keep it to leasehold or freehold then..

@Mountain Man
the freeholder is retiring and selling off all of their assets, mainly racehorse stables and nags, so we're thinking that this property was a 'tax adjustment' for them.
so with regards to the option of leasehold on this one i think it will be out of the question.
the dollar value they are asking is well and truly above anything in the area.
the land has great potential for a number of things, truffeire on the non usable sloping land, area for kitchen garden, plus a green maze.
also has the potential for extra units to be cantilevered out facing the escarpment.

@Liz, Hi and thanks for that, but again this would be a freehold plus investment, im not to cash hot on a leasehold, as a current landlord, i know its a pain to have to pay for almost everything.. but then if its a tax adjustment, then the landlord does benefit.. ahh the pro's and con's of it all..

@Busybees, its interesting that what you are saying about the drop off in trade, but i work in purchasing for Auspost dealing with machine spares being sourced locally and internationally, and as everyone knows POST is making some changes and adjustments (more to come), new reps trying for buisness, and those that we have the talk out there is that this year and next for small manufacturers and others is going to be a hard slog.
but in say this, there is a world heritage national park nearby and their figures are slowly increasing..
we are both people's people and are not afraid of hard work indeed, especially as we have just done an owner build extension, i'm a sparky by trade, and wayne has built a muddy.. i do at least 9-10 hours a day at work and travel for another 2 hours on top of that, i think that it would be both a pleasure and a sentence (at times) being able to work from home..
we know the saying about west for the $$ but its a major weigh up on capital appreciation against income against resale-release..
we both have staff under us in our current managerial roles, and defiantly expect to pay through the nose for relievers..

thanks all for your comments so far..

maybe im dreaming about the potential?

as for the good will portion, i would say that there is non at all , but i feel it has the potential to become a great accommodation buisness.