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Minutes of the Meeting:
Agenda Item 2.1: Strategies for Redeveloping the San Packett Residential Property to its Original
Status
The meeting, which had been convened suddenly by Ms Louisa, was regarding strategies for
redeveloping the San Packett Residential Property, whose revenue has plummeted significantly over
the past three years. The condition of the property, e.g., run-down flats, malfunctioning lifts, and no
security personnel, was a central topic of discussion.
Ms Louisa lamented the deteriorating condition of the property and stated tenants had cancelled
tenancies, which led to a critical reduction in turnover. She lingered on how urgent it was to have
improved solutions.
Suggestions were at hand:
Fundraising and Financing: Dr. Farai suggested that a R2 million loan be borrowed to fund
refurbishment, but questioned the possibility of repayment of a loan of that magnitude. Mr Phenyo
suggested that a contractor be hired to view the property, provide an estimate for the repairs
needed, and provide estimates for materials and labour.
Hiring Contractors: Ms Louisa, after identifying a reputable contractor, proposed contacting Mr
Sadiki’s company, which had previously completed successful refurbishment projects in the
neighbourhood. Attendees were advised to conduct due diligence by exploring other qualified
companies.
Confronting Tenants: Mr Boyza voiced concern over the refurbishment arrangements in the face of
tenants. He suggested giving a 30-day notice to tenants to vacate the building. But Ms Louisa
presented a more diplomatic approach by suggesting a meeting with tenants to negotiate for the
required access to refurbish the building.
The conference ended on the key resolution to end the service contract with Madikoe Holdings for
reasons of mismanagement and neglect of taking care of the property. Legal ramifications of such a
resolution had been informed to the extent of Advocate Ntshali having already dispatched her letter
to Madikoe Holdings.
The meeting was adjourned with all participants in agreement on the proposed actions.
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Minutes of the Meeting:
Agenda Item 2.1: Strategies for Redeveloping the San Packett Residential Property to its Original
Status
The meeting, which had been convened suddenly by Ms Louisa, was regarding strategies for
redeveloping the San Packett Residential Property, whose revenue has plummeted significantly over
the past three years. The condition of the property, e.g., run-down flats, malfunctioning lifts, and no
security personnel, was a central topic of discussion.
Ms Louisa lamented the deteriorating condition of the property and stated tenants had cancelled
tenancies, which led to a critical reduction in turnover. She lingered on how urgent it was to have
improved solutions.
Suggestions were at hand:
Fundraising and Financing: Dr. Farai suggested that a R2 million loan be borrowed to fund
refurbishment, but questioned the possibility of repayment of a loan of that magnitude. Mr Phenyo
suggested that a contractor be hired to view the property, provide an estimate for the repairs
needed, and provide estimates for materials and labour.
Hiring Contractors: Ms Louisa, after identifying a reputable contractor, proposed contacting Mr
Sadiki’s company, which had previously completed successful refurbishment projects in the
neighbourhood. Attendees were advised to conduct due diligence by exploring other qualified
companies.
Confronting Tenants: Mr Boyza voiced concern over the refurbishment arrangements in the face of
tenants. He suggested giving a 30-day notice to tenants to vacate the building. But Ms Louisa
presented a more diplomatic approach by suggesting a meeting with tenants to negotiate for the
required access to refurbish the building.
The conference ended on the key resolution to end the service contract with Madikoe Holdings for
reasons of mismanagement and neglect of taking care of the property. Legal ramifications of such a
resolution had been informed to the extent of Advocate Ntshali having already dispatched her letter
to Madikoe Holdings.
The meeting was adjourned with all participants in agreement on the proposed actions.
