Subcouncil resolution details
Subcouncil 16
Agenda item no
16SUB 12/3/2023
Subject
PROPOSED LEASE OF CITY LAND, PORTION OF ERF 1 ROGGEBAAI, HERTZOG BOULEVARD, CAPE TOWN FOR AUTOMATIC TELLER MACHINE (ATM) PURPOSES: ABSA BANK LIMITED
Meeting date
Monday, March 13, 2023
Resolution
Approved
Date closed
Friday, March 31, 2023
Resolution detail
RESOLVED to RECOMMEND that the lease of City Land, being portion of Erf 1 Roggebaai situated at Hertzog Boulevard, Cape Town, shown hatched and lettered ABCD on the plan 130009344 marked annexure A attached to the report, in extent approximately 6m², to Absa Bank Limited or its successors in title, BE APPROVED subject to inter alia the following conditions, that:
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A market rental of R4 500.00 per month inclusive of rates and
excluding VAT calculated at the rate applicable at the time of
transaction be payable;
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The monthly rental shall escalate at 6% per annum compounded annually commencing from 01 September 2022;
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The above recommended rental is effective and payable as from 01 September 2022;
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The lease will endure for a period of 10 (ten) years; subject to a rental review after a period of 5 years;
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The property be used for automatic teller machine (ATM) only;
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Subject to such further conditions to be imposed by the Director: Property Management in terms of his/her delegated authority;
g) Subject to compliance with any other statutory requirements.
