Subcouncil resolution details

Subcouncil 4

Agenda item no

04SUB 25/11/2019

Subject

PROPOSED LEASE OF PORTION OF CITY OWNED LAND, BEING A PORTION OF ERF 99949 CAPE TOWN, SITUATED OFF FITZMAURICE AVENUE, EPPING INDUSTRIA 2, CAPE TOWN: CAPITAL PROPFUND (PTY) LTD

Meeting date

Thursday, November 21, 2019

Resolution

Approved

Date closed

Wednesday, December 04, 2019

Resolution detail

Subcouncil 4 resolved that the lease of a portion of City land, being a portion of Erf 99949 Cape Town, situated off Fitzmaurice Avenue, Epping Industria 2, Cape Town and as shown hatched and lettered ABCDEFGHJKLMNPQSTUVWXYZA’B’C’D on the Plan No TA 495v0 attached and marked Annexure A, in extent approximately 2 018 m², to Capital Propfund (Pty) Ltd or its successor in title, BE APPROVED subject inter alia to the following conditions:

A market related of R20 200 per month exclusive of VAT and inclusive of rates be payable.
The rental will escalate at 8% per annum.
The lease will endure for a period of 10 years, subject to a review of the rental after a period of 5 years.
The monthly rental is to be adjusted on the basis of 8% per annum compounded annually on a pro rata basis commencing 6 months from date of this valuation. Accordingly, the above recommended rental is to be adjusted as from 2019-06-01.
The property be used for parking and storage purposes only.
Subject to such further conditions to be 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.
No structures may be erected on the property.
Gates must be installed in the fences as per point A and B and S and R as per Plan No TA 495v0, to ensure that the other companies along the track can still receive rail freight and that maintenance can be done in the rail reserve.
Should the tracks be lifted and replaced, this must be at the cost of the Lessee and the tracks need to be handed over to Transnet with notification in writing to the City of Cape Town prior to Transnet approval.
Railway blocks (as per Transnet specifications) need to be installed at rail tracks if the area is going to be used for storage and parking.
Any form of filling of surfacing proposed within the leased area must be to the approval of the City of Cape Town.
The lease area must be restored to its original condition and to the satisfaction of the City of Cape Town upon termination of the lease.