Subcouncil resolution details
Subcouncil 16
Agenda item no
16SUB 18/8/2020
Subject
PROPOSED LEASE OF CITY LAND, ERF 31517 CAPE TOWN, DURBAN ROAD, MOWBRAY FOR PARKING PURPOSES: HOSTPROPS 1117 CC
Meeting date
Monday, August 24, 2020
Resolution
Approved
Date closed
Wednesday, September 09, 2020
Resolution detail
RESOLVED to RECOMMEND that the lease of City Land, being erf 31517 Cape Town situated on Durban Road, Mowbray, shown hatched and lettered ABCDE on the sketch STC 3567 marked annexure A attached to the report, in extent approximately 488 m², to Hostprops 1117CC, owners of erf 31516 or their successors in title, BE APPROVED subject to inter alia the following conditions:
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A market rental of R3 750 per month inclusive of rates and excluding VAT calculated per month for a period of 10 years, the rental to be reviewed after five years.
b) The monthly rental to be adjusted on the basis of 8 % per annum compounded annually on a pro rata basis commencing from 01 April 2020, but was reduced to 6% per annum from 1 April 2020. Rental to be reviewed after a period of 5 years;
c) The lease will endure for a period of ten years.
d) The property to be used for parking purposes only;
e) Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority;
f) Subject to compliance with any other statutory requirements;
g) No compensation will be payable for any improvement made to the property;
h) All outstanding accounts with the City of Cape Town must be settled.
ACTION M TAYLOR |
