Subcouncil resolution details

Subcouncil 4

Agenda item no

04SUB 21/6/2022

Subject

PROPOSED LEASE OF PORTION OF CITY LAND, BEING A PORTION OF THE REMAINDER OF ERF 99955 CAPE TOWN, SITUATED AT MOORSON AVENUE, EPPING INDUSTRIA 2, CAPE TOWN: INOSPACE (PTY0 LTD

Meeting date

Thursday, June 23, 2022

Resolution

Approved

Date closed

Wednesday, July 13, 2022

Resolution detail

Subcouncil 4 resolved that the lease of a portion of City-owned land, being a portion of the Remainder of Erf 99955 Cape Town, situated at Moorson Avenue, Epping Industria 2, Cape Town, shown hatched and lettered ABCD on the attached Plan No TA 974v2 and marked Annexure A, in extent approximately 1 605 m², to Inospace (Pty) Ltd, or its successors-in-title, BE APPROVED subject to inter alia the following conditions:

A market rental of R19 860 per month, excluding VAT, calculated at the rate

applicable as the time of the transaction, be payable, Rates are included in the rental;

The above rental to escalate at 8% per annum for the period 2019-04-01 until 2020-03-31; thereafter the monthly rental to escalate based on 6% per annum compounded annually on a pro-rata basis;

Beneficial occupation of R19 860 per month must be charged from 2019-04-01 until the lease is signed, escalating at 8% per annum for the period 2019-04-01 until 2020-03-31; thereafter it will further escalate at 6% per annum until the date of the lease contract has been signed by Council;

The lease will endure for 10 years;

Rental must be reviewed after 5 years;

The property may be used for parking and moveable storage purposes only;

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

Subject to compliance with any other statutory requirements;

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