If a person who incurs expenditure on the construction of a
building has an agreement that he will be granted an interest in
the building once construction is complete, the interest, which is
granted after construction is complete, is the relevant interest.
Example Browne, who has no other interest in the
land concerned, builds a warehouse under an agreement for a lease
of that warehouse when construction is complete. The relevant
interest in the warehouse is the lease that is granted after
construction is complete.
