Subcouncil resolution details
Agenda item no
PROPOSED LEASE OF CITY LAND, BEING A PORTION OF REMAINDER ERF 32588 CAPE TOWN, SITUATED AT PACKER AVENUE, CAPE TOWN, EPPING INDUSTRIA: DHVDM INVESTMENTS (PTY) LTD
Thursday, May 19, 2022
Thursday, June 02, 2022
Subcouncil 4 resolved that the lease of a portion of City land, being a portion of remainder Erf 32588 Cape Town situated at Packer Avenue, Epping Industria, shown hatched and lettered ABCDEFG on the attached Plan 130006089 marked Annexure A, in extent approximately 870m², to DHVDM Investments (Pty) Ltd, owner of Erf 104757 Cape Town, or its successor in title, BE APPROVED subject, to inter alia the following conditions, that:
A market rental of R11 800 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable;
The monthly rental is to escalate at 6% per annum compounded annually commencing 2 months from date of valuation. Accordingly, the above rental is to be effective and payable as from 2022-01-01 (notwithstanding that the lease agreement might not be in place).
The lease will endure for a period of 10 years, subject to a review after 5 years;
The property be used for excess parking and/or storage purposes only;
Subject to such further conditions imposed by the Director: Property Management in terms of her delegated authority;
Subject to compliance with any other statutory requirements;
No compensation will be payable for any improvement made to the property.