Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that the lease of portions of City Land, being portions of erven 744, 745, 746 and 759 Cape Town, situated off Buitengracht Street, Cape Town, shown hatched and lettered ABCDEF on the sketch STC 2707v1 marked annexure A attached to the report, in extent approximately 994m², to Green Willows Properties 93 (Pty) Ltd, or its successors in title, BE APPROVED subject inter alia the following conditions, that:
 

1. A market related rental  of R 36,300.00 per month (inclusive of rates and exclusive of VAT);

2. The lease period will be for a period of ten (10) years, subject to a review after 2 years and after a 5 year period;

3. The monthly rentais is to escalate at 6% per annum compounded annually commencing 2 months from date of valuation.

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 his/her delegated authority;

6. Subject to compliance with any other statutory requirements;