Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of a portion of City Land, being portion of Erf 1240 Sea Point East, abutting Erf 1702, situated at Main Road, Sea Point East, shown hatched and lettered ABCD on the  plan 130007944 marked annexure A attached to the report, in extent approximately ±12.3m² to Zeus Property Co Proprietary Limited or its successors in title, BE APPROVED subject to inter alia the following conditions:
 

1.      A market rental of R1 600.00 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 compounded annually on a pro rata basis commencing from date of valuation i.e. as from 2021-09-01.
 
c)     The above market rental is effective and payable as from 2021-09-01.
 
d)     The lease will endure for a period of ten (10) years. The rental to be reviewed after a period of five (5) years.
 
e)     The property to be used for outdoor seating purposes only.
 
f)      Subject to such further conditions to be imposed by the Director: Property Management in terms of his delegated authority.
 
g)     Subject to compliance with any other statutory requirements.
 
h)     No compensation will be payable for any improvement made to the property.
 
ACTION:  M TAYLOR