From Longman Dictionary of Contemporary Englishpeppercorn rentˌpeppercorn ˈrent noun [countable] British EnglishB a very low rent
Examples from the Corpus
peppercorn rent• Fortunately the ground comes cheap, leased from the patron Lord Camrose on a peppercorn rent.From Longman Business Dictionarypeppercorn rentˈpeppercorn ˌrent [countable]FINANCEPROPERTY a very small amount of money, paid to show that there is an official contract between the owner and the person using a building, piece of land etcThe land will then be leased to the council at a peppercorn rent. → rent 