Property

Corrupt South African bank’s headquarters going on sale

Bianke Neethling • 4 February 2026

The Rivonia headquarters of corrupt VBS Mutual Bank are set to go under the hammer this month, with the auctioneers calling it a rare opportunity to buy one of the most desirable sites in the area.

This building has become a symbol of one of South Africa’s most brazen financial scandals, having served as the headquarters of the now-defunct VBS Bank.

VBS’s rapid rise came crumbling down in 2018 when it was exposed as the epicentre of a massive fraud.

A forensic investigation by the South African Reserve Bank found the bank “corrupt and rotten to the core”, with over R2 billion siphoned off through schemes involving executives and politicians.

The company was placed under final liquidation by the North Gauteng High Court in November 2018, and the process of recovering assets for creditors has been ongoing for over six years.

Now, the infamous bank’s headquarters are set to change hands as its liquidator brings the Rivonia property to auction.

This property, a prominent 22,826 m² office campus at 82 Wessels Road in Rivonia, will go under the hammer with Auction Inc on 24 February 2026.

The auctioneers said this marks a significant step in the protracted recovery of funds looted from the bank and its municipal depositors.

“The sale of this prime asset is a tangible outcome of that lengthy liquidation process,” Auction Inc said in a recent press statement.

“The property, a vacant eight-block office park, is now being sold to contribute to recouping losses suffered by creditors, which included numerous municipalities that deposited funds unlawfully.”

Auction Inc CEO Ari Ben explained that the offering represents a rare opportunity in one of Johannesburg’s most sought-after nodes.

“The VBS property is one of the most desirable Rivonia sites to ever go under the hammer,” Ben said.

“82 Wessels Road is a strategically located office campus with immediate N1 highway access. The current B-Grade configuration offers excellent flexibility, but the true value lies in its conversion potential.”

From scandal to sale

Auction Inc CEO Ari Ben with Auctioneer and SAIA Director Joff van Reenen

Ben explained that the Metropolitan Office Park’s versatile layout and favourable zoning create an opportunity to convert it into high-demand residential apartments or sectional-title residential complexes.

He argued that the property’s existing Business 4 zoning and well-maintained infrastructure provide a high cost and logistical advantage for any large-scale residential conversion.

“82 Wessels Road is a rare campus-style property of scale in a prime Rivonia location with direct N1 exposure,” Ben said.

“With multi-block layout and parking capacity to support uses such as corporate head offices, multi-tenant office environments, serviced work spaces, or a medical/professional campus.”

The property spans a combined gross lettable area of approximately 13,123 m² across eight individual blocks.

“Rivonia is a premier mixed-use node north of Sandton, popular with financial, legal, and tech firms,” Ben said.

“This asset offers a blend of immediate income potential, with a projected gross annual income of R15.74 million when fully let, and significant strategic value for redevelopment.”

He added that this sale underscores the critical role the auction industry plays in South Africa’s asset recovery landscape.

Auction Inc auctioneer and SA Institute of Auctioneers director Joff van Reenen said auctions have become a vital tool for state agencies and liquidators seeking to claw back the proceeds of corruption.

“The auction industry in South Africa has become a critical mechanism for liquidators and state agencies, such as the Asset Forfeiture Unit and the Special Investigating Unit, to recover assets acquired through the looting of public funds,” Van Reenen said.

“These seized assets – ranging from luxury properties to vehicles and equipment – are sold at public auctions to recover stolen funds, with recovery amounts linked to state capture cases reaching R11 billion by March 2025.”

“The auction of the VBS Rivonia HQ is a high-profile example of this process in action, converting a once-notorious symbol of graft into a liquid asset for creditor distribution.”

The images below, courtesy of Auction Inc, show the Rivonia property set to go on auction later this month.