City of Joburg must reassess Sandton City’s Riobn market value

THE City of Joburg must conduct a new valuation of Sandton City following the Gauteng High Court in Johannesburg which set aside its determination of the country’s fourth biggest shopping mall's more than R10.1 billion market value.

- LOYISO SIDIMBA

Sandton City, which is owned by the Liberty Group and property investment company Pareto Limited, successfully challenged the municipality's valuation of the five plots of land of the nearly 137 000-square metre Sandton City, which includes a shopping centre, office blocks and a hotel.

The owners of the mall objected to its valuation by the City of Joburg’s municipal valuer Piet Eloff, who dismissed their objection and the Valuation Appeal Board also dismissed the appeal.

In terms of the Municipal Property Rates Act (MPRA), the board is empowered to hear and decide appeals against the decisions of a municipal valuer concerning objections to matters reflected in, or omitted from the municipality's valuation roll in the area for which it was established. Liberty and Pareto approached the high court to review and set aside the board's February 2023 decision and have the matter adjudicated upon afresh by a differently constituted board.