3Acquisition of 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.