The Park Towers building in Rink Street is currently owned by the Echo Foundation, but no details could be given as to why the building is to be sold.

Warren Jack, who will handle the auction, said the property consisted of nine floors with about 100 rooms.

Some of the rooms had been renovated into one- and two-bedroom units and offices.

"The building has a huge potential of being turned into sectional-title property. It has an amazing view of the whole Bay, from Madiba Bay to Coega," Jack said.

He expects the building to fetch between R7- million and R10-million at the auction that will take place on May 25 at the Brookes Hill Conference Centre.

"I have received an overwhelming response from potential buyers, both local and from out of town," Jack said.

In 2004 it was reported that Don Suite Hotels was interested in purchasing the building and renovating it into a five-star hotel.

The hotel group entered into negotiations with the municipality at the time to clean up and beautify the surrounding area, as well as curb crime. Don Suite Hotels has since abolished its plans to purchase the building.