Subcouncil resolution details

Subcouncil 16

Agenda item no

16SUB 22/1/2020

Subject

PROPOSED CLOSURE OF CITY OWNED IMMOVABLE PROPERTY: PORTION OF CITY LAND BEING UNREGISTERED STATE LAND ABUTTING ERF 5544 CAPE TOWN: PROPOSED TRANSFER OF CITY OWNED IMMOVABLE PROPERTY: PORTION OF CITY LAND BEING UNREGISTERED STATE LAND ABUTTING ERF 5544 CAPE TOWN: SHA'BROS INVESTMENTS(PTY)LTD

Meeting date

Monday, January 20, 2020

Resolution

Approved

Date closed

Friday, January 31, 2020

Resolution detail

UNANIMOUSLY RESOLVED to RECOMMEND that:

Council resolve that, in terms of section 14 of the Local Government Municipal Finance Management Act, Act 56 of 2003, the subject property being a portion of City land (Unregistered State Land) abutting Erf 5544 Cape Town situated on corner of Constitution and Canterbury Streets, Cape Town, in extent approximately 194 m², shown by the hatched figure lettered ABCDE, on the Plan STC 3075 Annexure A attached to the report, is not required to provide the minimum level of basic municipal services; and has considered the fair market value of the asset and the economic and community value to be received in exchange for the asset;

Council grants in-principle approval in terms of regulations 5(1)(b)(ii) of the Municipal Asset Transfer Regulations for the transfer of City land and (Unregistered State Land) abutting Erf 5544 Cape Town, situated on corner of Constitution and Canterbury Streets, Cape Town, in extent approximately 194 m², shown hatched an lettered ABCDE, on the Plan STC 3075 Annexure A attached to the report;

Council in terms of section 4 of the City of Cape Town immovable Property By-law, 2015, approve the closure of the subject property being a portion of a Public Street being a portion of Unregistered State Land abutting Erf 5544 Cape Town in extent approximately 194 m² as shown hatched and lettered ABCDE on Plan STC 3075 Annexure A attached to the report.

The transfer of a portion of City land (Unregistered State Land) abutting Erf 5544 Cape Town, in extent approximately 194 m², as shown hatched and lettered ABCDE, on Plan STC 3075 Annexure A attached to the report, to Sha’Bros Property Investment (PTY) LTD, or its successor(s) in title, BE APPROVED, subject to the following conditions that:

A purchase price of R1 600.00 excluding VAT be payable;

The purchase price is to be escalated by 6% per annum compounded annually on a pro-rate basis commencing 6 months for date of valuation, i.e. 1 September 2017 until registration is effected.

An occupational rental of R9 200 per month, escalating at 8% p.a. be charged with effect from 1 September 2017 until registration is effected.

The sale is to be subject to a condition restricting the bulk to a floor area factor of 3,0.

Rates and municipal charges, if applicable, be levied.

Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority, inter alia the following:

aa) that all further statutory and land use requirements be
      complied with;

bb) that the subject portion of City land be consolidated / notarial
      tied with the purchaser’s Erven 5544, 5542, 5543; 5444 and
       5545 Cape Town.

cc)   that all costs related and incidental to the transaction be
        borne by the purchaser.