Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of portion of City land, Portions of a Public Street, Portions of Erven 15252 and 15253 Cape Town, Carriage Street, Salt River, Cape Town as shown hatched and lettered ABCD on the attached plan 130002854 in extent approximately 1 884 m² to Mediterranean Shipping Company Depots (Pty) Ltd or its successors in title BE SUPPORTED, subject inter alia to the following conditions:
 
a)    A market rental of R14 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 December 2023;
c)     The lease will endure for a period of 10 (ten) years, subject to a rental review after a period of 5 (five) years;
d)    The property be used for access purposes only;
e)    Subject to such further conditions to be imposed by the Director: Property Transactions in terms of his delegated authority;
f)     Subject to compliance with any other statutory requirements.