Subcouncil 15

Resolution detail

Not Delegated: For Decision: Immovable Property Adjudication Committee (IPAC)
 
It was RESOLVED that Subcouncil 15 SUPPORT and RECOMMEND that the lease of portion of Public Street, Erf 3930 Pinelands, situated in Ringwood Drive, Pinelands shown hatched on the attached sketch 130008022 marked annexure A, attached to the report, in extent approximately ±119m², to Glynn Venter or his successors in title, be approved subject to inter alia the following conditions:
 

1. A market rental of R775.00 per month inclusive of rates and excluding VAT
2. calculated at the rate applicable at the time of transaction be payable.

3. The monthly rental is to escalate at 8% per annum compounded annually commencing from date of valuation (i.e. from 11 November 2019 to 31 March 2020) and thereafter 6% per annum;

4. The lease will endure for a period of ten years. The rental to be reviewed after five years.

5. Beneficial occupation of R775.00 per month is payable as from 11 November 2019.

6. The property to be used for parking purposes only;

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

8. Subject to compliance with any other statutory requirements;

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