The Board shall lease to the Council for a term of fifty years, commencing from the date of the passing of this Act, at a yearly rental of one peppercorn (such lease to contain a provision whereby the Board recommends that upon the expiration of such period of fifty years the said term may be renewed for a further period of fifty years upon the same terms and at the same peppercorn rental), the land described in Schedule 2 hereto:
Provided that during the continuance of the said lease no dwellinghouse, warehouse, shop, factory, or building to be used for commercial purposes shall be erected upon the said land, but this provision shall not be deemed to prohibit the erection of any boat or bathing sheds thereon.