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IOL News
6 days ago
- Business
- IOL News
Durban buildings up for sale: eThekwini Municipality's strategic move
The eThekwini full council held at the Durban ICC. Image: Sibonelo Ngcobo / Independent Newspapers Councillors have granted the eThekwini Municipality the go-ahead to negotiate with the business rescue practitioners and bondholders of Urban Lime Prop SA (PTY) Ltd to purchase the Durban Chambers and Durban Club place buildings, estimated at R120 million. The matter was approved at a council meeting on Thursday, where the property development company is undergoing a business rescue process, according to the municipality, which has accumulated substantial municipal debt. The buildings, which are currently not in use, are strategically located near the Durban City Hall, where the city is leasing two other high-rise buildings. In a report presented to the council, the municipality stated that this presented a timely and strategically aligned opportunity to acquire the buildings. The report stated that the deal could offer a practical solution to the long-standing challenges in securing compliant, cost-effective, and permanent office accommodation rather than relying on leased properties. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The report stated that the proposed acquisition will meet two key objectives: The recovery of significant outstanding municipal debt. The reduction of long-term leasing costs through the ownership of suitable accommodation assets. The city estimates it will have to spend R10 million in total to repair the fire detection system, get an electricity compliance certificate, and repair the air conditioning and lifts. Cyril Xaba, eThekwini mayor, said the city must carefully evaluate the deal and not buy something that will not deliver potential benefits. Xaba said the council's directive is to prioritise insourced services as a cost-saving mechanism and that this acquisition was described as a significant advancement in addressing the current challenges associated with municipal offices operating from leased premises that are no longer compliant with prevailing building standards. During an Executive Committee meeting (Exco), several councillors spoke about the issue. Themba Mvubu, EFF Exco member, said the emphasis should be on the acquisition of the building to benefit the city and save costs. DA Exco member Andre Beetge said the city should not jump into the deal without conducting due diligence. He said at face value, it appears to be a good proposition and that the municipality should be wary not to put itself into a problem where millions are spent on further renovations. 'We must not buy an asset that requires money to fix. We did this in the past, and we do not want white elephants,' he said. Mdu Nkosi, an IFP Exco member, said he welcomed the move because in most of the buildings that the municipality was renting, there were challenges. Nkosi mentioned that one of the buildings used by councillors has roof leaks, cockroach infestations, and pigeons entering the ceilings. According to Nkosi, the municipality will save money if it goes this route and avoids paying exorbitant rental fees. "Officials cannot do anything, but if we do have our buildings, we will be able to maintain them. This will be a motivation to the municipal employees who are having challenges in their workspaces. You have visitors who enter some offices and find that they are poorly maintained and buckets collecting water from leaking roofs,' he said. Nkosenhle Madlala, the ANC Exco whip, said that for years, councillors have been vocal about the municipality paying exorbitant amounts for the rental of office space. 'At a council meeting, a councillor did the math on how much we were spending per year on rentals while we could be owning the building. This process takes us a step closer to ownership,' he said.
IOL News
13-05-2025
- Business
- IOL News
Durban wants to remain the home of Africa's Travel Indaba, says Mayor Xaba
eThekwini Municipality mayor Cyril Xaba speaking at the Durban-KZN Business Breakfast which marked the opening of Africa's Travel Indaba. The Indaba takes place until May 15. Image: eThekwini Municipality While Durban's hosting contract for Africa's Travel Indaba (ATI) ends this year, eThekwini mayor Cyril Xaba says they want to demonstrate why it should remain the host city in the years to come. Thousands of delegates gathered at the Durban ICC for the opening day of the ATI which has the theme 'Unlimited Africa". Speaking at the Durban KZN Business Breakfast on Tuesday morning, which was hosted by Tourism KwaZulu-Natal, eThekwini mayor Cyril Xaba underlined Durban's ambitions to remain the 'home of Africa's premier tourism showcase' even as its hosting contract ends this year. 'We are determined to work flat out to demonstrate why Durban deserves to remain the home of Africa's Travel Indaba,' he said. He said the city was undergoing a rapid transformation and mentioned the R1 billion capital investment by Southern Sun for upgrades to beachfront hotels including the Elangeni and Maharani. 'From the newly opened Westown Square in Shongweni to the proposed Durban Eye, our city is more than a getaway, it is a platform, a story of evolution, and the pulse of 'Unlimited Africa'.' Xaba said the tourism industry was demonstrating its resilience and there had been a recovery after the Covid-19 pandemic. 'We are encouraged by the increase in the number of tourists descending on our shores,' said Xaba. 'The return of this sector is vital because it provides much-needed employment, supports livelihoods, and helps reduce poverty.' Officially opening the event, Deputy President Paul Mashatile invoked the spirit of African unity and history, linking the continent's liberation legacy to its tourism renaissance. 'Africa's attractions and influx of tourists also means that our continent is an important part of the world's economy, politics, growth, and humanity,' said Mashatile. Mashatile said: 'Tourism is not just about travel, it is about connection, empowerment, and shared belief.' Highlighting South Africa's leadership role as the 2025 G20 host country, Mashatile stated, 'Over 200 G20-related meetings will take place across South Africa. We must echo a united African voice on every global stage.' Mashatile concluded with a rousing call to action: 'Let us celebrate the bond that unites Africa. Let us demonstrate to the world that Africa is ready for business.' Declaring the Indaba open, he added: 'Africa's Unlimited Potential is not just a vision, it's a Pan-African reality waiting to be realised.' THE MERCURY
IOL News
29-04-2025
- Entertainment
- IOL News
Chandler Moore greeted with joy in Mzansi ahead of his concert series
Chandler Moore, Grammy award winning US Gospel Singer is in the country for his three city tour. Picture: Supplied Grammy-award-winning American gospel singer Chandler Moore, at the weekend, touched down in Mzansi for his South African leg of his Ommema Tour. Moore is set to perform in Johannesburg, Cape Town, and Durban from April 4, 5, and 6, respectively. In Johannesburg, he will perform at Rhema Bible Church, and in Cape Town at the Grand West Arena, and at the Durban ICC. The musician, upon arrival at O.R. Tambo International Airport, was greeted warmly with singing and dancing from a local music group. 'SOUTH AFRICAAAA! I'm here! 'I'm hanging all week with my ppl in Johannesburg — popping up and tryna see everybody. SHOW GONNA BE CRAZY,' captioned Moore the video.
