Subcouncil 16

Resolution detail

 RESOLVED to RECOMMEND that Erven 846, 853, 854, Portion (Ptn) 855, Ptn 856, Ptn 861 and 862, Ptn 865 and portions of 866 – 870 Cape Town, situated at Buitengracht and corner of Strand Street, Cape Town in extent 2310m² as indicated by the figure ABCDE curve FGHL on the sketch STC 3157 (annexure A), attached to the report, BE LEASED to the Green Point CID or their successors in title, BE APPROVED subject to inter alia the following conditions, that:
 

1. A market rental of R40 000 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 be adjusted on the basis of 8% per annum compounded annually commencing 01 June 2019 until 31 March 2020. Thereafter the escalated rental amount will escalate at 6% per annum.

3. The lease will endure for a period of ten (10) years, with a five (5) year rental review.

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;