Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of a portion of City Land, Portion of Erf 158516 Cape Town, Parliament Street, Cape Town shown hatched and lettered ABCDE on the plan 130008374 marked annexure A attached to the report, in extent approximately ± 69 m², to Paramount Property Fund Limited or its successors in title, BE APPROVED subject to inter alia the following conditions:
 

1. A market rental of R3 500.00 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable;

2. The monthly rental shall escalate at 6% per annum compounded annually commencing 2 months from date of valuation, i.e. as from 2023-01-01;

3. The above recommended rental is effective and payable as from 2023-01-01;

4. The proposed lease term is for a period of 10 (ten) years and is to be reviewed after a period of 5 (five) years;

5. The property be used for access (a pedestrian sky bridge) purposes only;

6. Subject to such further conditions to be imposed by the Director: Property Management in terms of his delegated authority;

7. Subject to compliance with any other statutory requirements.