Subcouncil 4

Resolution detail

That the proposed lease of portion of City Owned Land being a portion of Erf 8563, Goodwood situated at the corner of Voortrekker and Elsies River Halt Road, Goodwood and shown hatched and lettered ABC on the Plan No TA768v0 attached and marked Annexure A, in extend approximately 700m² to Oscorp Property Holdings (Pty) Ltd or its successor in title, BE APPROVED, subject inter alia to the following conditions, that: . a) A market rental of R3 600 per month exclusive of VAT and inclusive of rates be payable. b) The monthly rental is to be escalated on the basis of 8% per annum compounded annually on a pro rata basis commencing 6 months from date of valuation. Accordingly, the above mentioned recommended rental is to be adjusted as from 2018-11-01. c) The monthly rental is to be be adjusted on the basis of 8% per annum. d) The lease will endure for a period of 10 years, subject to a review after five years. e) The property be used for the purpose of a dedicated drive-through lane (in extent 150m²) and the remainder is to be used for landscaping purposes only. f) Should the property be required for parking purposes, the rental must be revised and amended accordingly? g) Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority. h) Subject to compliance with any other statutory requirements. i) No compensation will be payable for any improvement made to the property. j) No lease agreement will be concluded until such time that a valid Tax Certificate has been received from the applicant. k) No access will be allowed to the property from either Voortrekker Road or Elsies River Halt Road. l) No structures may be constructed over existing infrastructure on the property.