Subcouncil 8

Resolution detail

For noting by Subcouncil 8:
 
It is recommended that the lease of portion of public street, being portions remainder of erf 1142 situated at corner of Beach Road and Sarel Cilliers Street, Strand, shown hatched and lettered by the figure ABCD (68 m²) and figure BEFC (24 m²) on the attached sketch ET 790 marked annexure A, in extent approximately 92 m², to Altus Malherbe Family Trust, owner of erf 22770 Strand or its successors in title, be approved subject to inter alia the following conditions:
 
A market rental of R6 900 per month inclusive of rates and        excluding VAT calculated at the rate applicable at the time of   transaction be payable

The monthly rental is to escalate at 8% per annum compounded     annually on a pro rata basis commencing 2 months from date of    this valuation. Accordingly, the above recommended rental is   effective and payable as from 1 November 2019 until 31 March          2020 and thereafter 6% per annum;
The lease will endure for a period of ten (10) years; 
The rental to be reviewed after five (5) years;