(1) If —
(a) any
interest in land has been designated for a public work; and
(b) the
holding authority is satisfied that the land is not presently required for the
public work, or is not exclusively required for the public work,
the authority may
grant a lease in the interest or any suitable part of it.
(2) This section does
not derogate from Part 6.
(3) The lease is to be
on such terms as the holding authority thinks fit.
(4) A lease granted
under this section must not be mortgaged, assigned or charged for any purpose
unless the consent in writing of the holding authority has been first
obtained.