The City of Cape Town has formally signed a new lease with the Western Province Motor Club to operate the Killarney International Raceway for 15 years, at a market-related rental.
The lessee is responsible for the utility use and cost, maintenance and security of the property.
Mayoral committee member for economic growth James Vos said the new lease would take effect on Sunday January 1.
The city council approved the extension of the lease in August , after the Western Province Motor Club applied to lease the site for a further 15 years. The club has held the lease on the property, which is about the size of 50 rugby fields, for 74 years.
