Subcouncil resolution details
Subcouncil 16
Agenda item no
16SUB 15/6/2023
Subject
PROPOSED LEASE OF CITY LAND, UNREGISTERED STATE LAND, ABUTTING REMAINDER ERF 5454 CAPE TOWN, BARRACK LANE, CAPE TOWN FOR PARKING PURPOSES: SEPIA AND SILK (PTY) LIMITED.
Meeting date
Monday, June 19, 2023
Resolution
Approved
Date closed
Monday, July 17, 2023
Resolution detail
RESOLVED to RECOMMEND that the lease of City Land, Unregistered State Land, abutting Remainder Erf 5454 Cape Town situated at Barrack Lane, Cape Town, shown hatched and lettered ABCD on the attached plan 130008577 marked annexure A attached to the report, in extent approximately 225m², to Sepia & Silk (Pty) Ltd or its successors in title, BE APPROVED subject to inter alia the following conditions, that:
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A market rental of R5 100.00 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 2 months from date of valuation i.e. as from 01 January 2023;
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The above recommended rental is effective and payable as from 01 January 2023;
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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 parking purposes only;
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Parking area is to be restricted to 6 (six) parking bays;
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Subject to such further conditions to be imposed by the Director: Property Management in terms of his/her delegated authority;
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Subject to compliance with any other statutory requirements.
ACTION: N VANQA
