18Restrictions on disposal of Barangaroo Reserve

18 Restrictions on disposal of Barangaroo Reserve

18 Restrictions on disposal of Barangaroo Reserve

(1) Infrastructure NSW has no power to sell or exchange the whole or any part of the Barangaroo Reserve, or to otherwise dispose of the fee simple estate in that land, except by way of surrender to the Crown.

(2) However, Infrastructure NSW may, with the consent of the Minister and subject to such conditions as the Minister thinks fit, lease, mortgage or otherwise dispose of an interest (other than the fee simple) in the Barangaroo Reserve or affect or create an estate or interest in the Barangaroo Reserve.

(3) This section does not require Infrastructure NSW to obtain the consent of the Minister to a lease or licence for a term that, together with the term of any further lease or licence that may be granted under an option in respect of it, does not exceed 10 years.

(4) A lease or licence granted under this section must not have a term that, together with the term of any further lease or licence that may be granted under an option in respect of it, exceeds 99 years.