Metro acquires Reserve Bank building
The Buffalo City Metropolitan Municipality has successfully acquired the South African Reserve Bank building in East London, a heritage building opened in 1952.
The building was recently enlarged to cater to the Bank’s security needs and requirements.
The building is considered to be one of the SARB’s most beautiful buildings with character, despite being a landmark that is less accessible to the public.
The acquisition is part of a strategy to incur fewer costs on rentals for office space and have key buildings within the proximity of the City Hall and in the CBD belonging to the municipality, “We are very happy to be adding this important property in our Central Business District into our property portfolio. This shows our commitment to stay in the inner city and drive further investment so that we avoid collapsing our CBD,” said Executive Mayor of Buffalo City Metro, Xola Pakati.
The Reserve Bank closed the East London branch in 2017 in line with a new strategy to reduce inefficiencies.