Sandton City has 199 140 square metres of gross lettable area, according to information on its website. At R100 per square metre, it would pay municipal rates close to R20 million per month. But Beattie said the actual cost would depend on each tenant's usage, for example whether they are retail shops, or offices.
L2D has made a provision for the arrear rates and interest, resulting in a net impact of approximately 2c per share on the distribution for its year to end-December. The company on Monday declared a distribution per share of 36.37c. Beattie said these were the highest municipal rates in the entire L2D portfolio, which also includes Melrose Arch, Eastgate Shopping Centre and Liberty Midlands Mall.
But while the company says the new rates are unsustainable – and tenants will ultimately bear that cost – Beattie does not see it chasing renters from Sandton City. She said the mall trades at"an extraordinary" rate. The turnover of many Sandton City tenants is above pre-pandemic levels, and vacancies have decreased to 99.3% from 97.9% in December 2020. The average net rental in Sandton City is R453 per square metre, down from R542 in 2019.
_Business Crazy rates 👀
_Business Municipal rates based on the value of improvements are regressive. Which additional services is CoJ providing to justify the higher rates? 🤔
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