Sandton City owner loses 5-year battle over ‘unsustainable’ municipal rates

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Sandton City has lost its five-year battle against the City of Joburg’s rates, which the owner of the iconic shopping centre, Liberty Two Degrees (L2D), believes are unsustainable.

L2D, which also owns the Nelson Mandela Square, the Sandton Convention Centre and three hotels in Sandton, said it will now pay more than R100 per square metre because of the unsuccessful rates appeal for Sandton City. The Sandton Convention Centre is not affected by the new municipal rates, but all three of L2D’s hotels are. Nelson Mandela Square also has its separate rates bill, but L2D now expects more expensive rates there as well.

“It’s not sustainable to have rates at over R100 per square metre, and that is before you have done anything. We will have to continue to challenge this so that we get the right outcome for our business and for the industry at large,” said L2D CEO Amelia Beattie.

Rad the full article on News24 here.

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