Subcouncil resolution details
Subcouncil 24
Agenda item no
24SUB 31/5/2019
Subject
PROPOSED LEASE OF CITY LAND, PORTIONS OF REMAINDER OF STELLENBOSCH FARM 794 BEING PORTION 38, SITUATED AT W.R QUINAN BOULEVARD, PAARDEVLEI, SOMERSET WEST: ACCOLADE WINES SOUTH AFRICA (PTY) LTD
Meeting date
Thursday, May 23, 2019
Resolution
Approved
Date closed
Wednesday, June 05, 2019
Resolution detail
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RESOLVED |
Subcouncil 24 SUPPORTS the recommendations that:
The lease of portion of remainder of Stellenbosch Farm 794 being portion 38, situated at W.R Quinan Boulevard, Paardevlei, Somerset West shown lettered ABCEDFGHJKLMN and including the buildings hatches as P17, P1, P15 and P16 on the attached plan ET 672 marked annexure A, in extent approximately 6660 m2, to Accolade Wines South Africa (PTY) Ltd or its successors in title, be APPROVED subject to inter alia the following conditions, that:
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A market rental of R75 000 per month exclusive of rates and VAT be payable;
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The monthly rental will be adjusted on the basis of 8% per annum, compounded annually commencing 2 months from date of valuation. Accordingly, the above recommended rental is to be adjusted as from 1 February 2018.
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The lease will endure for a period of five years plus another five years, subject to a rental review after the initial five years.
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The property be used for commercial purposes only;
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Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority;
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Subject to compliance with any other statutory requirements;
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No compensation will be payable for any improvement made to the property
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Action: Adele Bannister |
