No confirmed buyer six weeks later

Six weeks after the Good Hope Centre was auctioned for R135 million, the City of Cape Town says no buyer has been confirmed. The sale remains subject to an ongoing audit and due diligence process, according to IOL.

Despite claims by Spirit Revelation Ecclesia — also known as New World Faith Ministries — that it had secured the landmark property, the City has not accepted any bids from the February 26 auction.

Audit process still underway

Mayoral Committee Member for Economic Growth, James Vos, confirmed that the post-auction process is still ongoing.

“The post-auction audit and due diligence process is currently underway,” Vos said, adding that no fixed timeline can be given due to the complexity of assessments.

He stressed that no bids have yet been confirmed as valid or accepted, and none have reached the approval stage.

Strict checks before approval

The City’s process includes detailed checks on bidders’ financial and technical capacity, tax compliance and legal standing. Risk and reputational factors are also assessed.

In addition, proposed developments must meet feasibility requirements and comply with Municipal Asset Transfer Regulations.

Only after this process is complete will qualifying bids be submitted to the Immovable Property Adjudication Committee and, if necessary, to Council for final approval.

Ownership transfer still uncertain

Vos said it is “too early” to say when ownership of any auctioned properties will be transferred.

“Transfer of ownership can only occur after the City has completed the due diligence process, accepted a bid in writing, concluded a binding sale agreement, and obtained all required approvals,” he said.

The City also declined to confirm whether any bids have been rejected so far.

Heritage conditions remain key

For the Good Hope Centre, any future buyer will need to meet strict heritage and community access requirements.

Vos reiterated that no binding sale currently exists, and updates will only be shared once key milestones are reached. For now, the future of the iconic Cape Town venue remains uncertain.