Lease hold vs freehold

My JV partner and I are doing some due diligence before a trip to New Zealand. Just a question regarding leasehold vs freehold. What are the implications of buying leasehold vs freehold in regards to buying and holding with a potential reno. It has an option to purchase the freehold but wondering if it is worth it or not.

thanks in advance.  It is our understanding that to buy and hold with a leasehold would essentially not work due to only land appreciating and the house depreciating.  It may however, be a good option as a positive cashflow rental.  Any thoughts?