Selling property with a 99 year lease.

Hi all. Looking for some advice/info for my property. I am selling my one bedroom apartment. Many years ago, the bedroom was part of a laundry room for surrounding units. It is now part of my unit and you wouldn't have any idea this was the case as it all looks fine. The bedroom part of my unit is on a 99 year lease as obviously this was the move body corporate made with the area. The yearly fee for the lease is 1 dollar.

There has been quite a bit of interest in the property, and several contracts have been handed out, however a few people are a bit turned off by the lease factor. I've had an offer put in before auction which is quite low. I myself am now getting worried thinking my place may not sell or even worse, have to concede well below worth market value for it.

I guess I am looking for someone with a bit more knowledge to explain to me what it all means in terms of seeing out the lease, what it costs to renew etc and whether I may just have to 'take a hit' for it. I don't know much about the issue and obviously want to find out exactly what the options are in case I do struggle to sell it

cheers