This Act may be cited as the Land at Palace Avenue, Kensington (Acquisition of Freehold) Act 2002.
In this Act—
“the 1702 Act” means the Crown Lands Act 1702 (c. 1);
“the companies” means Imperial Tobacco Pension Trustees Limited and Imperial Investments Limited, and includes the successors in title of either of those companies as lessee under the leases and any subsidiary of any of the companies;
“the demised land” means the two parcels of land demised by the leases, the areas of which are shown (for the purpose of identification only) respectively edged red and coloured green on the deposited plan;
“the deposited plan” means the plan deposited in connection with this Act;
“the hotel” means the Royal Garden Hotel, 2–24 Kensington High Street, London W8 4PT;
“the leases” means—
the lease dated 29 June 1987 between the Secretary of State for the Environment (1) and Imperial Group Pension Trust Limited and Imperial Group Pension Investments Limited (2); and
the supplemental lease dated 27 June 1994 between the Secretary of State for National Heritage (1) and Imperial Group Pension Trust Limited and Imperial Group Pension Investments Limited (2),
relating to the demised land.
(1)The companies may, with the agreement of the Secretary of State and on such terms as may be agreed with him, acquire—
(a)the freehold reversion in the demised land; and
(b)the freehold right for the hotel (or any part) to overhang the grounds of Kensington Palace.
(2)Nothing in section 5 of the 1702 Act shall apply to any disposal of the demised land under subsection (1) above.