1.
If a building or land is described as ~, it is allowed to be used in return for payment according to the terms of a lease. (mainly BRIT)
I went into a ~ property at four hundred and fifty pounds rent per year.
ADJ
2.
If you have the ~ of a building or piece of land, you have the legal right to use it for a period of time as arranged according to a lease. (mainly BRIT)
N-COUNT