Can draft 15+15 years type of option renewal agreement,

30 years is a bit too long, who know the land price may shoot up a lot, by then you are renting too cheap.

Similar to last time, 70's time, many house owners think RM100~200 is big, (a bowl of mee only cost Rm0.20), and signed long term or with no end date rental agreement.
20~30 years later, landlord regretted.

Land price 99% likely to appreciate a lot after 30 years.

We don't know how large the land is.

The land itself may be worth millions at current market price.
12k per month, 1 year 144k.
If the land worth 5 million currently, then 12k per month workout less than 3%, worst the FD rate, while rental rate stuck at this level, and yield become worst if land price appreciated further.

Normally, for such long term lease, inflation factor in term of land price and rental market needs to be considered.

Need to look long term as well. .

meter or ft?

License for F&B means it is a commercial land.
Commercial land always fetch good price.

Current value of the land? or similar adjacent land price?