Subcouncil resolution details
Subcouncil 4
Agenda item no
04SUB 18/3/2023
Subject
PROPOSED LEASE OF A PORTION OF CITY OWNED LAND, BEING A PORTION OF THE REMAINDER OF ERF 32585 CAPE TOWN, SITUATED AT BOFORS CIRCLE, EPPING INDUSTRIA, CAPE TOWN: CRAVECON PROPERTY INVESTMENTS (PTY) LTD
Meeting date
Thursday, March 16, 2023
Resolution
Approved
Date closed
Tuesday, March 28, 2023
Resolution detail
Subcouncil 4 resolved that the lease of a portion of City-owned land, being a portion of the remainder of Erf 32585 Cape Town, situated at Bofors Circle, Epping Industria, Cape Town, as shown hatched and lettered ABCDEFGHJ on the Plan No TA 512v2 attached and marked Annexure A, in extent approximately 2 921m², to Cravecon Property Investments (Pty) Ltd, the owners of the adjacent Erf 177507 Cape Town, or their successors-in-title, BE APPROVED subject to inter alia the following conditions, that:
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A market-related rental, calculated based on a phased-in approach, which is the equivalent of a monthly rental of R32 131 per month (inclusive of rates and exclusive of VAT), be paid per the following structure:
b. The rental escalates at 6% per annum compounded annually on a pro-rata basis, commencing as from 2022-06-01 over the full period of the lease;
c. The above rental is to be effective and payable as of 2022-06-01;
d. The lease will endure for ten years; PTMS014 SC report_v20 CRAVECON PROPERTY INVESTMENTS (PTY) LTD Page 4 of 19
e. In terms of the phase-in option, should the applicant/lessee vacate the property during the lease period, the balance owing to the City whilst in occupation will be billed for the applicant’s/lessee's account accordingly;
f. Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority;
g. Subject to compliance with any other statutory requirements;
h. The lease area may only be used for parking purposes;
i. Any sub-leases of the property will require written consent from the City of Cape Town;
j. Should the area be used for purposes other than parking purposes, this will require written consent from the City of Cape Town and may result in a review of the recommended rental, as per paragraph 5(a) above;
k. The applicant will be responsible for full maintenance of the subject property;
l. No structures, other than fencing, may be erected on the lease area.
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