BUFFALO City Municipality has bought the five-floor Old Mutual building on the corner of Oxford and Terminus Streets in East London for R7.4-million, the Daily Dispatch reported.

"The municipality is in the process of taking transfer of the building from Old Mutual," municipal spokesperson Darby Gounden said. According to Gounden, the municipality was doing internal refurbishments and expected occupation to take place at the beginning of June.

She confirmed that the municipality's present building would be occupied by the finance and development planning directorates of the Department of Land Administration. These directorates are currently housed at the Trust Bank building, which is being rented by the municipality, the newspaper reported.

The tenants of the Old Mutual building would soon be served with notices to vacate the building.

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