Iconic Durban skyscraper up for auction

The iconic Durban skyscraper, 88 on Field, the city’s tallest office building, will be going on auction later today.

Broll Auctions and Property said the iconic 26-floor skyscraper is the tallest building in Durban’s CBD, reaching 146 meters high.

The auction house added that the skyscraper’s remarkable stature and sleek design will offer an unparalleled investment opportunity.

The property has a GLA of roughly 22,000 sqm and an ERF size of about 3,500 sqm. Broll added that it has a gross annual income of about R27 million.

Multiple government tenants anchor the property, providing a strong and stable income. The property’s ground floor also has a vibrant retail section, attracting large foot traffic.

“This iconic building is not only a landmark but a cornerstone of investment potential in Durban’s CBD, said Broll.

The debt-ridden Delta Property Fund is selling the property. According to Moneyweb, the JSE-listed REIT has put the building up for sale as it looks to cut its R3.9 billion debt.

The property was opened in 1985 for insurer Southern Life, which has now become part of the Momentum Group.

At 146 metres high, it is South Africa’s eighth-tallest building, roughly on par with the South African Reserve Bank building in Pretoria. In Durban, it is only surpassed by the 152-metre-high Pearl Dawn.

The property will be auctioned off by Broll Auctions and Sales at 12h00 on Thursday (27 March) at the Wanderers Golf Club in Johannesburg.

The South African Institute of Auctioneers’ website shows that the property was listed for corporate disposal last October.

Broll is also selling several other major properties in South Africa. This includes Johannesburg’s iconic Ponte City tower in the CBD.

The 173-meter-high cylindrical tower is being sold by Broll via private tender, which closes on 10 April 2025.

The building, which became a haven for crime, was refurbished at the start of the century and offers residential and retail spaces.

Durban is feeling the heat

Durban may be one of South Africa’s biggest cities, but it has faced intense struggles over the last year.

The city has been severly hit by the Covid-19 pandemic, July 2021 unrest, 2022 floods, sewage leakages and poor governance.

With all these problems, the city has thus seen a large drop in the number of businesses operating there.

Hundreds of micro and medium-sized businesses have either closed down or moved away from the city, according to the Durban Chamber of Commerce and Industry (DCCI)

Using SARS data, DCCI Chairperson Ajiv Maharaj said that the city has lost a few hundred firms since 2020, with the most being in businesses that have between 5 and 50 employees.

“Recovering from natural disasters is especially difficult for small businesses. Many were severely affected by the floods of 2022, which followed the economic strain of the pandemic and the unrest of 2021,” said Maharaj.

“Even in recent weeks, Durban has experienced further flooding, making the business climate increasingly challenging.”

Durban businessman Moses Tembe added that many businesses in the city could have closed down due to an unfriendly business environment.

However, there are some positive signs for the city, as employment numbers increased despite the drop in business numbers.

Stats SA’s Quarterly Labour Force Survey showed that Durban created the highest number of jobs among municipalities in South Africa in 2024.

This shows that while the number of formal businesses may be on the decline, employment is growing, possibly due to businesses shifting to the informal sector.

88 On Field Images