Subcouncil 8

Resolution detail

It is recommended that:
 
                                    It is recommended that the lease of Public Street, portion of erven 625 and 651 Somerset West, situated at Corner of Lourens and Reitz Street, Somerset West, shown hatched and lettered ABCDEFGHJKLM on the attached sketch EZ 100 marked annexure A, in extent approximately 589 m², to Pastorie Park Body Corporate or their successors in title, be approved subject to inter alia the following conditions:
 

1. A market rental of R4 900.00 (exclusive of rates and VAT) per month;

2. The monthly rental is to be adjusted on the basis of 8% per annum compounded annually commencing 2 months from date of this valuation. Accordingly, the above recommended rental is effective and payable as from 2018-01-01;

3. The above rental shall escalate at 8% per annum for the period 2018-01- 01 until 2020-03-31; thereafter it will further escalate at 6% per annum;

4. The lease will endure for a period of ten years; subject to a review after 5 years;

5. The property be used for access, canopy and gardening purposes only;

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

7. Subject to compliance with any other statutory requirements;