It looks designed to be an outdoor socket outlet. However, I think I can see why the sparkie is keen to see it replaced - Looking at how painted up it is, my concern would be whether the condition would still allow it to readily act as a disconnecting device.
When it comes to outdoor socket outlets, something like this tends to be our go-to -
Pretty much a standard 2x4 or 4x4 socket outlet in a PSO-1, PSO-2 or S15 enclosure.
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