nice bit of old

An attractive older woman. Age is relative to the speaker's.

You walk down the street and all the young punks whistle at you.
A nice bit of old,
Just goes to show what you can achieve with the right attitude.
- Ray Davies "Don't Forget to Dance"

Nice Bits

An attractive vagina or penis.

Hey Marv, what do you think of this pussy??

Mmm, nice bits Rhonda.

nice bit of gear

A beautiful, pretty girl or woman

Jake: God, Sarah is a nice bit of gear
Kyle: I know man