Subcouncil 16

Resolution detail

RESOLVED that the lease of City Land, Portions of a Public Street, being
Portions of Erven 26428, 26419 and 26424 Cape Town, Between Ivy Street and Barrington Road, Observatory, Cape Town as shown hatched and lettered ABCD on the attached plan 130000899 in extent approximately 116m², Maria Madalena De Sousa or her successors in title, BE APPROVED, subject to inter alia the following conditions, that:
 
a)              A market rental of R2 200.00 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 February 2024;
 
c)               The above recommended rental is effective and payable as from 01 February 2024;
 
d)              The lease will endure for a period of 10 (ten) years, subject to a rental review after a period of 5 (five) years;
 
e)              The property be used for parking purposes only;
 
f)                        Subject to such further conditions to be imposed by the Director: Property Transactions in terms of his delegated authority;
 
g)              Subject to compliance with any other statutory requirements.

h)              That the objection not be upheld.