Subcouncil 15

Resolution detail

It was RESOLVED that Subcouncil 15 RECOMMENDED that the lease of public street, being portion of Erf 115801 Cape Town situated at Berkley Road, shown hatched and lettered ABCD on the plan STC 2367v1 marked annexure A, attached to the report, in extent approximately 400 m^2, to John Marshall Investments Pty Ltd, owner of Erf 24423 Cape Town or his successor in title, be approved, subject to inter alia the following conditions:
 

1. A market rental of R7 500.00 per month inclusive of rates and excluding VAT calculated at the time of transaction be payable;

2. The monthly rental is to escalate at 8% per annum compound annually commencing 1 October 2019 until 31 March 2020, thereafter, the escalated rental will escalate at 6% per annum;

3. Beneficial occupation in the amount of R7 500 per month escalating at 8% from 1 October 2019 until 31 March 2020, whereafter the escalated amount will escalate with 6% per annum, will be payable, until the lease is concluded;

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

5. The property be used for parking purposes only;

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

7. Subject to compliance with any other statutory requirements;

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

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