Subcouncil 16

Resolution detail

 RESOLVED to RECOMMEND that the lease of city land, being portion of Public Street Erf 14888 Cape Town situated at Newmarket Street, Cape Town, shown hatched and lettered ABC back of footway D curve E on the plan STC 2298v2 marked annexure A attached to the report, in extent approximately 8478 m², to Growthpoint Properties Ltd, owner of Erf 172660 Cape Town or their successors in title, BE APPROVED subject to inter alia the following conditions:
 

1. A market rental of R91 800.00 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable.

2. The monthly rental is to escalate at 6% per annum compounded annually commencing 01 June 2020;

3. The lease will endure for a period of three 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;

8. All outstanding accounts with the City of Cape Town must be settled;

1.      The objection is not upheld.