The R19 million restoration works commenced earlier this month following the completion of a Tender process and the appointment of a contractor who is on site. The restoration project follows funding approval by the Old Mutual Social Responsibility Investment (SRI) Fund.

Managing Director for OMIGPI, Ben Kodisang says this project is in line with the City of Johannesburg’s plans for urban rejuvenation of the inner city.

“We made a commitment towards supporting the vision of the urban rejuvenation of the inner city of Johannesburg and we have honoured that commitment in our first phase of developments in the last few years.”

OMIGPI contributed to the inner city revitalisation in the last four years when it spent approximately R200 million in Vuselela, a joint venture with IPS Investments converting three older properties – Plaza Place, Persam Place and Royal St Mary’s – into modern and comfortable affordable housing units for the entry level market. These buildings, managed by City Properties, have low vacancies, and their investment performance has exceeded expectations.

“With the restoration of the Barbican, we are furthering our commitment and we are excited to see the restoration of this important building get underway,” says Kodisang.

The restoration of the Barbican will involve extensive work to the external envelope including the restoration of historic concrete moulding, extensive repainting, and the total rehabilitation of the roof. Internal work will include repairs to lifts and redecorating.

The project is expected to be carried out over a period of 7 months, with completion planned for end of May 2010. 

Kodisang adds that the restoration is the first step in driving commercial redevelopment of the site and the greater vision for the precinct. “We have a responsibility to act in the best interest of our client, the city and the public, and we needed to make sure whatever we decided to do with this building was not only viable commercially but also culturally. This is why we engaged professionals with the concomitant restoration experience to advise on the project.”

This building is strategically located in a node which is core to planned future public and private sector inner city investments – its redevelopment is to be integrated into the redevelopment of the surrounding Palace site. The overall vision for this precinct is to create an integrated mixed use retail and office development in the heart of the ‘old city’.