According to IAS 16, The cost of an item of property, plant and equipment shall be recognised
as an asset if, and only if:
(a) it is probable that future economic benefits associated with the item will flow to the entity; and
(b) the cost of the item can be measured reliably.
In above mentioned case , the Future Probable benefits will only last for 10 years ( Not 12 or 30 years ). So instead of actual useful life of 30 years , IAS 16 requires to take it 10 years ( Remaining time for lease term )
Also there will be recognition of " dismantling provision " ( IAS 37 ) required as the land will be returned to owner in orignal position.
As far Owner is concerned , he will not depreciate the building in his books. he will just account for land as Lessor ( IFRS 16 )
In practical scenario , this case is common for Telecom companies. They build their signal towers on rented land ( leased land ) and end of lease term , just restore the land and handover to owner in orignal position
Hope you understand it now completely