News

Lease granted to Southern Basketball Association

6 July 2022

At its June meeting, Council authorised the Director of Corporate Services to execute a new Lease with Southern Basketball Association Inc for the occupation of part of Sandringham Family Leisure Centre at 150 Tulip Street, Cheltenham on the following terms:

  • Site: Sandringham Basketball Stadium, part of 150 Tulip Street, Cheltenham
  • Tenant: Southern Basketball Association Inc.
  • Purpose: Playing of basketball and related activities and other court-based sports activities
  • Premises: The structure marked New Building and Basketball Courts on the preliminary lease plans in Annexure A titled: Tulip Street Basketball Courts Court Redevelopment
  • Commencement Date: The date the occupancy certificate is issued
  • Term: 20 years including first right of refusal for any future lease of the premises, subject to the prevailing Local Government Act and Leasing Policy requirements of the day
  • Further Term: Nil
  • Commencing Annual Rent: $4,112 plus GST for Year 1 of the Term
  • Rent Escalation: On each anniversary of the Commencement Date during the term the Rent shall be increased by 5% of the rent payable in the prior year.
  • Capital Contribution Payment: $100,000 per annum for the Term.

Southern Basketball Association will make a $1 million contribution towards the cost of construction.