Subcouncil resolution details

Subcouncil 4

Agenda item no

04SUB 15/5/2023

Subject

PROPOSED TRANSFER OF ERVEN 7157 AND 7158 GOODWOOD TO OWNER OF ADJACENT REMAINDER ERF 15158 GOODWOOD: BLUE 5 PROPERTY INVESTMENTS (PTY) LTD (T/A SHOPRITE GOODWOOD)

Meeting date

Thursday, May 18, 2023

Resolution

Recommend

Date closed

Friday, May 26, 2023

Resolution detail

Council resolved that in terms of section 14 of the Local Government Municipal Finance Management Act 56 of 2003, the subject property, being Erven 7157 & 7158 Goodwood, situated at Riebeek Street, in extent approximately 991 m2 as shown hatched and lettered ABCD on Plan 130008780 attached as Annexure A, is not needed to provide the minimum level of basic asset and economic and community value to be received in exchange for the asset;

Council grants in-principle approval in terms of regulation5(1) (b)(ii) of the Municipal Assets Transfer Regulations for the transfer of Erven 7157 & 7158 Goodwood, situated at Riebeek Street, in extent approximately 991 m2 as shown hatched and lettered ABCD on Plan 130008780, attached as Annexure A;

The transfer of Erven 7157 & 7158 Goodwood in extent approximately 991 m2 as shown hatched and lettered ABCD on Plan 130008780, attached as Annexure A to Blue 5 Property Investments (Pty) Ltd, or its successor(s) in the title, be approved, subject to the following conditions, that:

A purchase price of R2 000 000 excluding VAT be payable;
The purchase price is to be escalated by 5% per annum compounded annually on a pro-rata basis; commencing 6 months after the date of valuation; i.e. from July 2023, until the date of registration;
The valuation is to be reviewed if not implemented within 36 months from the date of valuation, i.e. by 31 December 2025
Rates and municipal charges, if applicable, be levied;
Subject to such further conditions to be imposed by the Director: Property Management in terms of his delegated authority, including inter alia the following:

That all further statutory and land use requirements be complied with, as applicable;
The subject property may only be utilized for parking and goods delivery purposes, and such usage be restricted in terms of a title deed restriction; and
That all costs related or incidental to the transaction be borne by the purchaser;