Subcouncil 15

Resolution detail

It was RESOLVED that Subcouncil 15 SUPPORTED and  RECOMMENDED that the lease of City land being, portion of Public Street, Portion of Erven 24865 & 22840 Cape Town, situated at Voortrekker Road, Kensington, shown hatched and lettered ABCDE on plan 130006643 marked annexure A, attached to the report, in extent approximately 105m², to Partners Investment CC, owner of Erf 24864 Cape Town or its successors in title, be approved subject to inter alia the following conditions:
 

1. A market rental of R800.00 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 on a pro rata basis commencing 6 months from date of valuation i.e. as from 1 November 2021. Accordingly, the above recommended rental is effective and payable as from 01 November 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;

5. Subject to such further conditions to be imposed by the Director: Property Management in terms of his/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.