Subcouncil resolution details
Agenda item no
16SUB 16/6/2020 SM
PROPOSED LEASE OF ERF 192 ROGGEBAAI,ROGGEBAAI SQUARE, FORESHORE FOR PARKING PURPOSES: CAPETONIAN HOTEL
Monday, June 15, 2020
Monday, July 06, 2020
| UNANIMOUSLY RESOLVED to RECOMMEND that the lease of City land being portion of Erf 192 Roggebaai Square Foreshore, shown hatched and lettered ABCD curve EFGH on the sketch STC 3159 marked annexure A attached to the report, in extent approximately ±2040 m², Capetonian Hotel, owners of Erven 85 and 86 or their successes in title, BE APPROVED subject to inter alia the following conditions |
The following rental structure is proposed.
- a market rental of R68 200 per month (inclusive of rates and excluding VAT) escalating at 8% per annum will be phased in over 5-year period annum.
Year 1 - R 55 per month
Year 2 - R 65 per month
Year 3 - R 78 per month
Year 4 - R 93 per month
Year 5 - R109 102 per month
- The monthly rental is to be adjusted on the basis of 8% per annum commencing from 01 October 2018 until 2020-03-31 and thereafter 6% per annum. Rental to be reviewed after a period of 5 years.
- The lease will endure for a period of ten years and will be reviewed after a period of five (5) years;
- The property be used for parking and security 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.