Subcouncil resolution details
Subcouncil 4
Agenda item no
04SUB 22/6/2022
Subject
PROPOSED LEASE OF A PORTIONS OF CITY OWNED LAND (UNUSED RAIL RESERVE), BEING A PORTION OF THE REMAINDER OF ERF 32590 CAPE TOWN, SITUATED OFF BOFORS CIRCLE, EPPING INDUSTRIA 2, CAPE TOWN: ARSHAZ (PTY) 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 32590 Cape Town, situated off Bofors Circle, Epping Industria 2, Cape Town, shown hatched and lettered ABCD on Plan No 130008576v1 attached and marked Annexure A, in extent approximately 1 705 m², to Arshaz (Pty) Ltd, or its successors-in-title, BE APPROVED subject to inter alia the following conditions:
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A market rental of R20 500 per month, excluding VAT, calculated at the rate
applicable at the time of the transaction, be payable. Rates are included in the rental;
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The above rental to escalate at 6% per annum compounded annually on a pro-rata basis commencing six months from the date of valuation, i.e. as from 2022-06-01;
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The lease will endure for ten years;
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Rental must be reviewed after five years;
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The property may be used for parking and storage purposes only;
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Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority;
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Subject to compliance with any other statutory requirements;
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No compensation will be payable for any improvement made to the property.
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