Subcouncil 4

Resolution detail

Subcouncil 4 resolved that the lease of a portion of Rail Reserve, being a portion of Remainder Erf 32584 Cape Town situated off Christian Avenue, Epping Industria 2, shown hatched and lettered ABCD on the attached Plan 130008879v1 marked Annexure A, in extent approximately 413m², to Partsmaster Properties (Pty) Ltd, owner of Erf 102611 Cape Town or its successor in title, BE APPROVED subject, to inter alia the following conditions, that:
 

1. A market rental of R4 200 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 on a pro rata basis commencing 6 months from date of valuation, i.e. 2022-10-01;

3. The lease will endure for a period of 10 years, subject to a rental review after 5 years;

4. Allowance for set-up costs will only apply for the first 5 years of the lease agreement;

5. The property be used for parking purposes only;

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

7. Subject to compliance with any other statutory requirements;

8. No compensation will be payable for any improvement made to the property;

1. All outstanding accounts with the City of Cape Town be settled.