Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of  City Land and Public Street, portions of Erven 25484, 25407, 25406, 25401 and 25413 Cape Town and Unregistered State Land, situated between Lower Cole Street and Lower Scott Road, Observatory, Cape Town shown hatched and lettered ABCDEF on the attached plan 130004075 marked annexure A, in extent approximately ±2 544 m² to Premier FMCG (Pty) Ltd or their successors in title, be approved subject to inter alia the following conditions:
 
a)    A market rental of R25 400.00 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable;
b)    The monthly rental to be adjusted on the basis of 6% per annum compounded annually on a pro rata basis commencing 6 months from date of the valuation, i.e. 2020-10-01; Accordingly, the above recommended rental is effective and payable as from 2020-10-01;
c)    The proposed lease term is for a period of 10 (ten) years and is to be reviewed after a period of 5 (five) years;
d)    The property to be used for parking purposes only;
e)    Subject to such further conditions to be imposed by the Director: Property Transactions in terms of his delegated authority;
f)     Subject to compliance with any other statutory requirements;
g)    No compensation will be payable for any improvement made to the property;
 
That the objection not be upheld.