VALUATION OF…
Telecom Antennas
Telecommunications tower and rooftop antenna sites, valued on ground lease or rooftop licence income.
Content status: Methodology and evidence log — Sources, Caselaw and Market Information are added incrementally.
Methodology
Telecom antenna sites are valued using the Income Capitalisation Method, applied to the ground lease or rooftop licence rental payable by the network operator, given the small footprint but long-term, low-risk nature of this income stream.
Under the Big Five framework, the Income Generating Unit is the antenna site itself — typically a small ground footprint or rooftop area — with contract rental compared to market rental for comparable tower or rooftop sites in the same area; the capitalisation rate applied reflects the network operator’s covenant strength and the remaining term of the site lease or licence, and co-location income from multiple operators on a single structure should be identified and valued separately.
A Direct Comparison cross-check against sales of comparable telecom-tenanted land parcels or rooftop rights, or a multiple of annual rental where such sales are the dominant transaction structure in this sub-sector, should be used to test the primary valuation.
Caselaw
Case law, regulatory rulings and expert-determination disputes relevant to valuing this asset class. Each entry cites its source and summarises the practice implication for valuers — this is not investment, financial, or legal advice.
The Evidence Log is for VDH Members
The Evidence Log for Telecom Antennas — sourced sales, disposals and rentals with Valuer’s Lens commentary — is included in VDH Membership: from R125/month for SACPVP candidates and students, R399/month standard. All prices include VAT.
The methodology and case law on this page remain free to read.