Ethekwini gets nod for R120m building buy in Durban CBD

COUNCILLORS have granted eThekwini Municipality the go-ahead to negotiate with the business rescue practitioners and bondholders of Urban Lime to buy the Durban Chambers and Durban Club Place buildings, at an estimated R120 million.

- ZAINUL DAWOOD

The matter was approved at a council meeting on Thursday.

The property development company Urban Lime is undergoing a business rescue process. 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.

A report presented to the council stated that this presented a timely and strategic opportunity. It stated that the deal could offer a practical solution to the longstanding challenges in securing compliant, cost-effective and permanent office accommodation rather than relying on leased properties.