Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of City land, portion of Public Street, being a portion of Erf 27077 Cape Town situated at Lower Main Road, Observatory, Cape Town, shown hatched and lettered ABCDE on the plan 130008870 marked annexure A attached to the report, in extent approximately 66m², to Heron Square No 1 CC, or its successors in title, BE APPROVED subject to inter alia the following conditions, that:
 

1. A market rental of R990.00 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 the valuation, i.e. as from 01 June 2022;

3. The above recommended rental is effective and payable as from 01 June 2022;

4. The lease will endure for a period of 10 (ten) years, subject to a rental review after a period of 5 years;

5. The property be used for existing balcony purpose only;

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

7. Subject to compliance with any other statutory requirements;