Whereas by a lease dated the ninth day of January, nineteen hundred and fifty-eight (hereafter in this Act referred to as “the lease”) the Right Honourable Giles Stephen Holland, Earl of Ilchester, demised to the Minister of Works certain land in the Royal Borough of Kensington (which is more particularly described in the First Schedule to this Act) for a term of nine hundred and ninety-nine years from the first day of August, nineteen hundred and fifty-seven, in consideration of the payment of a premium of two hundred and fifteen thousand pounds and the reservation of a rent of ten pounds a year:

And whereas the grant to the said Minister was made, in the contemplation of the parties to the lease, with a view to the transfer by this Act from that Minister to the Trustees of his interest in the premises demised by the lease, to the intent that the Trustees should erect thereon a building (in this section referred to as “the new building”) in substitution for the Imperial Institute Building, and accordingly by the lease that Minister covenanted to erect such a building:

Now, therefore:—