Subcouncil 16

Resolution detail

 RESOLVED to RECOMMEND that the lease of Erven 5450, 5451, 5456, 5457, 5458, 9828 and a portion of Unregistered State Land Cape Town situated at Cantebury Street, shown hatched and lettered ABCDEF on the plan STC 3575v1 marked annexure A attached to the report, in extent approximately 328 m², to Sepia and Silk (Pty) Ltd , owner of Erf 5454 Cape Town or its successors- in-title, BE APPROVED subject to inter alia the following conditions:
 

1. A market rental of R17 600 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 January 2021;

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 and limited to 16 (SIXTEEN) parking bays 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 improvements made to the property;