Subcouncil 16

Resolution detail

UNANIMOUSLY RESOLVED to RECOMMEND that the lease of City land, being portion of Erf 95420 Cape Town, situated at Gordon Street, Gardens, shown hatched and lettered AB curve CDF on the sketch STC 3067 marked annexure A attached to the report, in extent approximately 74 m², to No’s 7 -19 Gordon Street or their successors in title, BE APPROVED subject to inter alia the following conditions, that:
 

1. A market rental of R900.00 per month inclusive of rates and exclusive of VAT.  The monthly rental is to be adjusted on the basis of 8% per annum compounded annually commencing 6 months from the date of valuation.  Accordingly, the above recommended rental is adjusted as from 01-12-2019;
    
2. The rental will escalate at 8% per annum
    
3. The lease will endure for a period of ten year, subject to a review after 5 years.
    
4. The property be used for parking purposes only;
    
5. Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority;
    
6. Subject to compliance with any other statutory requirements;
    
7. No compensation will be payable for any improvement made to the property.