Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of City Land, Portion of Public Street, being Portion of Erf 192-RE Roggebaai situated at FW de Klerk Boulevard, Foreshore, Cape Town, shown hatched and lettered AB curve CDEFGHJ on the  plan 130008922 marked annexure A attached to the report, in extent approximately 3290m², to Mediterranean Shipping Company Properties (Pty) Ltd or its successors in title, BE APPROVED subject to inter alia the following conditions, that:
 
a)    A market rental of R74 250.00 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable;
 
b)   The monthly rental shall escalate at 6% per annum compounded annually commencing 2 months from date of valuation i.e. as from 01 May 2023;
 
c)     The above recommended rental is effective and payable as from 01 May 2023;
 
d)    The lease will endure for a period of 10 (ten) years; subject to a rental review after a period of 5 years;
 
e)   The property be used for parking & security 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.
 
ACTION:  N VANQA