Subcouncil 16

Resolution detail

UNANIMOUSLY RESOLVED to RECOMMEND that the lease of portion of public street, being a portion of remainder Erf 123302 Cape Town bounded by Hout, Chiappini and Castle Streets, Bo Kaap, shown hatched and lettered ABCD on the sketch STC 2546v2 marked annexure A attached to the report, in extent approximately 227m², to Brink Lane Home Owners Association, or its successors in title, BE APPROVED subject to inter alia the following conditions, that:

1. A market rental of R5 000 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 to 8% per annum compounded annually commencing 2017-04-01. Rental to be reviewed after a period of 5 years;
    
2. The rental will escalate at 8% per annum;
    
3. The lease will endure for a period of ten years;
    
4. The property be used for parking and security purposes only;
    
5. Subject to such further conditions to be imposed by the Director:  Property Management in terms of her delegated authority;
    
6. Subject to compliance with any other statutory requirements;
    
7. No compensation will be payable for any improvement made to the property.