The SABC has taken a bold step towards enhancing its revenue by auctioning three plots of vacant land next week.
Located on KE Masinga Road, in close proximity to the Kingsmead Cricket Stadium, the SABC aims to attract potential buyers to these high-value parcels of land in Durban Central.
The auction is scheduled for October 16. In a statement, SABC announced that the combined area of the three portions spans an 8 944 square metres.
It was noted that the auction site was positioned within a ecosystem of hospitals, shops, hotels, and numerous businesses, including SABC itself and key educational and conference venues such as UNISA and Durban ICC.
Jaclyn Nair, a broker from Broll Auctions and Sales, highlighted that with zoning classified as General Business 3, investors had a unique opportunity to create a development from the ground up, tailored to specific market demands.
“Any development has a maximum height limit of seven storeys and 80% coverage,” Nair said.
Interest in the land has already been piqued, with Nair noting a wave of inquiries from developers eager to exploit the location's possibilities.
The potential uses for the land are diverse, ranging from sports clubs and retail spaces to residential complexes and mixed-use facilities catering to the growing live-work-play community.
“This auction is shaping up to be one of the most anticipated property sales in recent times," Nair said.
She emphasised the area's strategic location within an established corporate and sporting framework, positioned it as a hub for prospective commercial ventures.
Considerable investment interest had emerged, with potential bids from a variety of sectors including car dealerships, medical centres, and conference venues.
Economic analyst Bonke Dumisa expressed confidence in the land’s potential value.
“The land is definitely prime and will fetch the highest price if well auctioned.”
He further identified a gap in the market for high-end accommodation, particularly for affluent visitors to surrounding venues like the Kingsmead and Moses Mabhida stadiums.
Sbusiso Lushaba, ward 26 councillor, said while the auction was a private matter, it would be good for the area, which already features a robust commercial presence.
“The area is definitely an office area with Standard Bank in close proximity, other offices and the cricket stadium nearby. I think the land definitely should be used for more offices to be built. It will benefit the area in that way.”
Lushaba said he did not believe the site should not be used to build residential buildings.
“We have residential buildings in North Beach and South Beach and this land should be used for offices and the business sector.”
The Mercury