Remember Covid? When the world economy crashed, businesses collapsed and everyone just wanted to survive.
But some saw opportunities and grabbed them — like Shabir Tayob, a low-key KwaZulu-Natal businessman with roots in the transport and logistics industry.
At the height of Covid, he bought a service station along Durban’s N3. The gamble paid off. He then bought three more. Today he has his sights set on transforming Durban’s iconic dining strip, Florida Road, where he recently purchased nine key business properties, making him a major game-changer in the area.
Not bad for someone who began as a modest 8.5% shareholder in BMW Supertech in Durban in 2007. He bought six BMW Supertech dealerships, the largest holding in the province, before handing the reins over to his son while he turned to another challenge: the property business.
“I love the property game. When I purchased the service stations, I also brought in businesses such as KFC and others, and that’s how my passion for property grew. It’s all about the challenge, the adrenaline of wanting to bring change,” he tells the FM.
It’s that taste for excitement that prompted him to take on Florida Road. His recently acquired properties on the road were all in distress and had debts running into millions, mostly owed to the city in unpaid rates and utilities.
Florida Road itself was experiencing a slump. Negative perceptions on crime and safety, as well as empty shopfronts, cast a cloud over the once vibrant precinct. It was desperate for a makeover and an investor who could breathe new life into the area. Tayob seems to fit the bill.
His newly established company, A-Z, clinched the property deal earlier this year. Within weeks, Florida Road properties were being renovated, security was beefed up and deals were struck to bring in new retail players.
“I want to transform Florida Road into a high street, something like Joburg’s Melrose Arch, with shops. We are in talks with a number of brands which are keen to come to Florida Road, and it’s an exciting journey to be part of. I am hands-on and engage with my tenants, meeting them regularly, and we also have a WhatsApp group, so I am accessible to them.”
It’s a business model which seems to be working. The precinct has a new energy and the community seems more upbeat. Businesses are reporting a change in fortunes, slowly but surely.
But not everyone is pleased. There’s fear of the unknown and, for some, the fear that Florida Road is becoming a “Muslim hub”.
I want to transform Florida Road into a high street, something like Joburg’s Melrose Arch, with shops
— Shabir Tayob
It’s a perception Tayob is well aware of and ready to take on. “This is Durban, the melting pot of cultures. We are a cosmopolitan city and Florida Road needs to reflect that. We have restaurants as tenants that serve alcohol, and others that don’t.
“Our vision is to bring back foot traffic to the area and that needs inclusion of every demographic. We need people to shop and dine on Florida Road, we need the youth, the families, the young professionals. Our tenants need to reflect this too, which is why we are in talks with retail brands that talk to all demographics.”
Retail is never easy and it’s getting tougher. High rentals, trade fluctuations and the highs and lows of Durban’s beach closures and water and electricity crises all add strain on the city’s economic potential. For landlords, it’s being able to walk a tightrope, juggling tenant retention and fair rentals.
Tayob is on the board of the Florida Road Urban Improvement Precinct (UIP). “We work as a collective for turning around Florida Road, both from a landlord but also a tenant perspective. It has to work together.
“I listened to my tenants when they said they needed more lighting. We installed more, so some of the food hubs are brighter at night, creating a safer atmosphere. As the UIP, we are rolling out facial recognition cameras and more visible street monitors. We now have two security firms for the precinct.
“It’s about addressing concerns, getting the precinct back to what it used to be, and that must be backed up by what people see. If we talk diversity and inclusion, we need to reflect that. If we talk safety, people must feel safe — and see visible evidence of that. This is what it’s about,” says Tayob.
His vision seems promising and despite commanding a staff of more than 300, he remains grounded; credit for that, he says, must go to his late father.
“My father used to tell me you create your future. And he was a humble soul. Money, he would say, can buy you the best bed. But it can’t guarantee good sleep.”
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