Subcouncil 16

Resolution detail

 RESOLVED to RECOMMEND that the lease of City land,  being Erf 142213 portion of Erf 142212 Cape Town situated at William and Wright Street, Woodstock, Cape Town shown hatched and lettered ABCD and EFGH on the plan 130008365 marked annexure A, attached to the report in extent approximately 119m² & 112m²  respectively, to Moisol Inv Pty Ltd, owner of Erf 142212 Cape Town or its successors in title, BE APPROVED subject to inter alia the following conditions:
 

1. A market rental of R2 500.00 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable.

2. The monthly rental shall escalate at 6% per annum compounded annually commencing 6 months from date of valuation i.e. as from 1 September 2021. Accordingly, the above recommended rental is effective and payable as from 01 September 2021;

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 parking purposes only. The land will be used for 5 parking bays only. No further parking bays will be allowed on the subject property;

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.