SABC selling prime land in Durban via auction for much needed cash injection
Three vacant plots of high-value land adjacent to the Kingsmead Cricket Stadium will be auctioned off by the SABC this month, an auction house has revealed.
The three plots of the single erf have a combined square meterage of 8,944.
The area around the vacant land is surrounded by hospitals, shops, hotels and businesses, including the SABC KZN provincial headquarters, the University of South Africa and the Durban International Convention Centre, as well as residential properties which adds to the appeal of the site.
SABC spokesperson Mmoni Seapolelo has confirmed that the public broadcaster will be selling three plots of land in Durban.
“The SABC can confirm that having followed the processes required in terms of the PFMA, three plots of land in Durban belonging to the organisation, will be auctioned to ensure a transparent and fair process,” Seapolelo said.
“The disposal of non-core assets is part of the organisation’s strategy to ensure that the business invests in relevant assets, which are in line with and focused on the core business of the public broadcaster.”
According to Seapolelo, the sale of the non-core assets also assists with a cash injection that will be used towards the funding of critical infrastructure for the SABC.
Jaclyn Nair, broker, Broll Auctions and Sales said: “The zoning of General Business 3 offers an exceptional opportunity for investors to start with a blank canvas and bring their development ideas to life.”
Any development has a maximum height limit of seven storeys and 80% coverage.
The sites have already attracted the interest of a number of developers who are seeking to capitalise on the proximity of the land to the Hollywoodbets Kingsmead Cricket Stadium.
Possible uses for the land include a sports club with facilities that could include a retail component and highly popular padel courts, a residential development, and of course, mixed-use facilities to cater to the live-work-play sector.
According to Nair, early indications and conversations point to a great turn out for this property and the bidding to be highly contested.
Seapolelo said that the auction will take place at the Wanderers Club on October 16, 2024.
SABC
Meanwhile, for the first time since 2009, the SABC received an unqualified audit opinion for the 2023/2024 annual report that was tabled in Parliament.
This means that the auditors found the financial statements to be fairly presented and in accordance with the applicable financial reporting framework.
Some of the key findings of the report include the SABC increasing their advertising revenue by 7% and the public broadcaster lowered its operating expenses comparison to the previous year.
The public broadcaster said that the cost of the unfunded public interest mandate is estimated to be R834 million. Securing government funding for this mandate is an important priority for the public broadcaster..
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