Subcouncil 16

Resolution detail

UNANIMOUSLY RESOLVED to RECOMMEND that the lease of portion of city land being Erf 80 Bantry Bay situated at Victoria Road shown hatched and lettered ABCDEF curve A on the sketch STC 2370v0 marked Annexure A attached to the report, in extent approximately 140m², to Rowmoor Investments No 84 (Pty) Ltd and Labournere Property Investments (Pty) Ltd, owner of the Erf 53 Bantry Bay, or their successors in title, BE APPROVED subject to inter alia the following conditions, that: a) A market related rental of R5 600 per month excluding VAT of 14% where applicable, being R784 (in total – R6 384) be payable; the monthly rental is to be adjusted on the basis of 8% per annum as from 01 June 2014. Rental will be reviewed after 5 years; b) The lease will endure for a period of 10 years; c) The rental will escalate at 8% per annum; d) The property be used for a timber deck and gardening only, e) Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority; f) Subject to compliance with any other statutory requirements; g) No compensation will be payable for any improvement made to the property.