The company or Academy owns the land by way of a long lease at peppercorn rent.
From the guardian.co.uk
Then City College took over part of the buildings on a peppercorn rent from the Council.
From the theargus.co.uk
France's lease, at a peppercorn rent, expires in 2035.
From the economist.com
The duration of the lease is for 10,000 years commencing 31 July 2009 and is leased at peppercorn rent.
From the en.wikipedia.org
It was given 999 years at a peppercorn rent.
From the economist.com
It negotiates a peppercorn rent and, because it's a charity, the developer makes an 80 per cent saving in business rates.
From the metro.co.uk
Later it was used as a court house, and painter Joseph Cooper paid a peppercorn rent on condition he paint the seat for the justices.
From the edp24.co.uk
To its credit, the college still provides considerable support for the nursery, with accommodation at a peppercorn rent and covers the cost of utilities.
From the guardian.co.uk
In 1999, when he was a co-trustee of the estate, he signed a 20-year lease that made him a tenant of Savernake Lodge, paying a peppercorn rent at the suggestion of the estate's lawyer and co-trustee.