Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of portion of Unregistered state land (public street) and a portion of Remainder Erf 141461 Cape Town situated at St Georges Mall, Cape Town, shown hatched and lettered ABCD on the plan STC 3642 marked annexure A, attached to the report, in extent approximately 1204m², to Prime Zone Properties Pty Ltd, owner of Erf 8330 Cape Town or its successors in title, BE APPROVED subject to inter alia the following conditions:
 
 

1. A market rental of R5 660.00 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 September 2020;

3. The lease will endure for a period of 10(ten) years subject to a rental review after a period of 5 years;

4. The property be used for security, access and outdoor seating 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. Additional conditions be added;