Business
From scandal to sale: VBS Bank’s Rivonia headquarters goes on auction
For years, the glass and concrete office park on Wessels Road in Rivonia has carried a heavy reputation. This was the headquarters of VBS Mutual Bank, the institution that became shorthand for one of South Africa’s most shocking financial scandals. Now, after more than six years in liquidation, the building is preparing for a new chapter.
Later this month, the Rivonia campus that once housed the bank’s top executives will go under the hammer. For many South Africans, it is more than a property sale. It feels like a small but tangible step in turning a symbol of corruption into something useful again.
A building tied to a national scandal
VBS collapsed spectacularly in 2018 after a forensic investigation by the South African Reserve Bank found the bank to be riddled with fraud. More than R2 billion was siphoned off through schemes involving senior executives and politically connected individuals. Municipalities were among the hardest hit, having placed public funds with the bank unlawfully.
That same year, the North Gauteng High Court placed VBS under final liquidation. Since then, liquidators have been working through a slow and complex process of selling off assets to recover as much money as possible for creditors.
The Rivonia headquarters is one of the most prominent assets still to be sold.
What exactly is going on sale
The property, located at 82 Wessels Road, is a sizeable office campus measuring about 22,826 square metres. It consists of eight separate office blocks with a combined gross lettable area of roughly 13,123 square metres. The site sits close to the N1 highway, making it highly visible and easily accessible.
According to Auction Inc, which is handling the sale, the campus is vacant and zoned Business 4. This zoning allows for a range of uses, from offices to certain residential conversions, subject to approvals.
The auction is scheduled for 24 February 2026, and interest is expected from both investors and developers who know the Rivonia node well.
Why Rivonia still matters
Rivonia remains one of Johannesburg’s most reliable commercial pockets, just north of Sandton. Over the years, it has attracted financial firms, legal practices, tech companies, and medical professionals looking for space outside the Sandton core but close enough to benefit from its economic gravity.
Auction Inc chief executive Ari Ben says the real appeal of the site lies in its flexibility. While the buildings are currently configured as B-grade offices, the layout and infrastructure lend themselves to redevelopment. Residential apartments, sectional title schemes, medical suites, or multi-tenant offices are all on the table.
If fully let in its current form, the campus is projected to generate about R15.74 million in gross annual income, giving buyers the option of income now or redevelopment later.
Asset recovery in action
For many observers, the sale carries symbolic weight. Auction Inc auctioneer and South African Institute of Auctioneers director Joff van Reenen has pointed out that auctions have become a crucial tool in South Africa’s efforts to claw back assets linked to corruption.
Across the country, properties, vehicles, and equipment seized through investigations are being sold publicly, with billions already recovered through these processes by early 2025. The VBS headquarters is one of the most recognisable examples of this mechanism at work.
Public reaction and a shift in narrative
Online reaction to news of the auction has been predictably mixed. Some South Africans see it as overdue accountability, questioning why it has taken so long for such a visible asset to be sold. Others welcome the idea that a site so closely associated with public loss could soon house homes, businesses, or services that actually contribute to the city.
There is also a quieter sense of closure. While no property sale can undo the damage caused to municipalities and communities, the auction does mark progress. A building once synonymous with greed and betrayal may soon be known for something far more ordinary, and perhaps that is the point.
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Source: Daily Investor
Featured Image: SABC News
