All that area of land in the Otago Land District, containing by admeasurement 345 acres 3 roods 8 poles, more or less, being part of Block VIII, Waipori Survey District, situate at and adjoining the Waipori Falls Electrical Power-station, and bounded as follows: Commencing at a peg marked LXXXVI, near the south-west corner of the power-house, proceeding in a south-westerly direction by the west bank of the Waipori River, for a distance of 27 chains 50 links, to a point on the riverbank; thence by a line on a bearing of 132° 16′, for a distance of 60 links, to a peg marked LXXXII; thence by a line on a bearing of 132° 16′, for a distance of 391.15 links, to a peg marked LXXXI; thence by a line on a bearing of 158° 3′ 25″, for a distance of 3496.2 links, to a peg marked LXXX; thence by a line on the same bearing (158° 3′ 25″), for a distance of 1051.6 links, to a peg marked CXVII; thence by a line on a bearing of 9° 56′ 30″, for a distance of 911.3 links, to a peg marked CXVI; thence by a line on a bearing of 14° 0′ 15″, for a distance of 1809.75 links, to a peg marked CXV; thence by a line on a bearing of 67° 59′ 30″, for a distance of 1408.5 links, to a peg marked CXIV; thence by a line on a bearing of 109° 19′ 30″, for a distance of 1377.07 links, to a peg marked CXIII; thence by a line on a bearing of 106° 14′ 45″, for a distance of 1089.7 links, to a peg marked CXII; thence by a line on bearing of 71° 7′ 27″, for a distance of 1303.81 links, to a peg marked CXI; thence by a line on the same bearing (71° 7′ 27″), for a distance of 260 links, to a point on the west bank of the aforesaid Waipori River; thence by the west bank of the Waipori River in a south-east, south, and south-west direction, for a distance of 8300 links, to the starting-point at the aforesaid peg marked LXXXVI.