Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of portion of City land, Portion of Remainder Erf 352 Sea Point West, situated at Regent Road, Sea Point West, Cape Town as shown hatched and lettered ABCD on the attached plan 130006482v1 in extent ±79m², to AR Cuisine Pty Ltd or its successors in title, BE APPROVED subject to inter alia the following conditions, that:
 
a) A market rental of R15 800.00 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 2024;
c) The above rental excludes all operational costs which will be for the account of the applicant, i.e. electricity, cleaning, security, water etc;
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 restaurant 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.