Subcouncil 16

Resolution detail

 RESOLVED to RECOMMEND that the lease of public street, being Erf  94736 Cape Town situated at Orange Street, shown hatched and lettered ABCDEF on the plan STC 2694v1 marked annexure A attached to the report, in extent approximately 176 m², to Sheraton Trust, owner of Erf 149771 Cape Town or his successors in title, BE APPROVED subject to inter alia the following conditions:
 

1. A market rental of R2400.00 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable.

2. The monthly rental is to escalate at 6% per annum compounded annually commencing 01 March 2020;

3. The lease will endure for a period of ten years’ subject to a rental review after a period of 5 years;

4. The property be used for parking purposes only;

5. Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority;

6. Subject to compliance with any other statutory requirements;

7. No compensation will be payable for any improvement made to the property;

8. All outstanding accounts with the City of Cape Town must be settled.