Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of City Land, Portions of Remainder Erf 148343 and Erf 1411 Cape Town, situated on the corner of Buitengracht Street and Hans Strijdom Avenue, Cape Town, shown hatched and lettered ABCDEF curve G curve H and JLKMNFPQ on the plan 130004062 marked annexure A attached to the report, in extent approximately ±780m² and 1 250m² to Aria Property Group (Pty) Ltd t/a Arbitrage Property Fund or its successors in title, BE APPROVED subject to inter alia the following conditions:
 
a)    A market rental of R28 300.00 per month inclusive of rates and
       excluding VAT calculated at the rate applicable at the time of
       transaction be payable;
 
b)     The monthly rental to be adjusted on the basis of 6% per annum. The above recommended rental is effective and payable as 01 August 2022;
 
c)     The lease will endure for a period of ten (10) years. The rental to be reviewed after a two (2) and five (5) year period;
 
d)     Beneficial occupation of R9 225.00 per month (inclusive of rates and exclusive of VAT) is payable from 01 September 2021 until 31 July 2022;
 
e)     No advertising permitted without City consent, should consent be granted the rental would need to be reassessed.
 
f)      The property to be used for  parking and signage purposes only;
 
g)     Subject to such further conditions to be imposed by the Director: Property Management in terms of her/his delegated authority;
 
h)     Subject to compliance with any other statutory requirements;
 
i)      No compensation will be payable for any improvement made to the property.