There's been mixed reaction to the council’s decision last week to grant a long-term lease of Cape Town Stadium to Western Province Rugby, which will become the anchor tenant at the R4.4billion development. TheCapeArgus
Cape Town - There's been mixed reaction to the council’s decision last week to grant a long-term lease of Cape Town Stadium to Western Province Rugby, which will become the anchor tenant at the R4.4billion development.
Economic opportunities Mayco member James Vos said: “It is important to reiterate that there will be no transfer of ownership. The proposed lease duration is 50 years, with an option to renew for a further 49 years. “The period is to bring it in line with the service delivery agreement already entered into between the City and the municipal entity.”
According to the City, the rental will be R100 a year, with a rent review every three years. The lease agreement falls within the definition of “right to use, control or manage” a capital asset.The City will still be responsible for major capital infrastructure maintenance and upgrades.
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