Cape Town’s inner city residential property market is set for a major boost. Plans to preserve one of South Africa’s art deco treasures – the former Old Mutual head office building in Darling Street – through its conversion into apartments are at an advanced stage. 

Old Mutual Properties says it has investigated the financial and planning implications of a sectional title redevelopment of the 63-year-old, 18-storey building that was once the tallest structure in Africa, apart from the Pyramids.

“We firmly believe that the conversion is merited from a civic, investor and historical perspective, “says Rowland Chute, executive director of Old Mutual Properties. “The CBD is enjoying a resurgence through the efforts of the Cape Town Partnership to drive the CBD improvement programme.  That resurgence is creating exciting opportunities for residential property. We believe a redevelopment can add to the revitalization of the city.

“From Old Mutual’s perspective, the proposed conversion makes investment sense since the Mutual building is no longer in demand as an office block,” says Chute.

“Moreover, a successful conversion will mean owners will enjoy an address that is regarded as a South African architectural masterpiece, and the building’s outstanding features can be preserved in a new guise. Preservation is important to Old Mutual. The Darling Street location is part of the company’s history, with the head office being there from 1902 through to the mid-1950s until the move to Pinelands.”

Dr Andrew Golding, CE of Pam Golding Properties, who have been awarded a sole mandate to market the apartments, says that Old Mutual is pioneering a new surge of interest and a new era in the CBD, in bringing such a positive residential component to the city.  “It is extremely good news for Cape Town both in terms of further boosting investment in and revitalization of the CBD, and should lead to further development of the live-work concept,” he adds.

Chute says: “We are selling apartments off plan and plan to proceed with the conversion subject to necessary planning approvals and to pre-sale of 75 % of the apartments.

“The redevelopment will include the sub-division of the office areas into apartments, the creation of an internal atrium with access galleries, provision for a gym, launderette, new plumbing and electrical supplies, and exterior and roof refurbishment.

“The existing public areas will be protected during the refurbishment.”

These include a lofty entrance vestibule rising to a height of more than 15 m and a central hall. The vestibule’s cream coloured travertine paving contrasts dramatically with walls of gold-veined black marble. All finishes are in stainless steel – handrails, lighting shafts, light fittings as well as lift doors in the lobbies leading off the vestibule.

The central hall rises through three storeys to an opaque roof. This light-filled space is dominated by 18 columns covered in red Porta Santa marble which reach to the ceiling. On either side of the columns are mezzanine floors, the balconies of the upper level being decorated with coats-of-arms. 

Chute says the Mutual building is in a part of the city which has attracted substantial investment, and has plenty of secure parking. Recently completed developments include The Adderley with 700 parking bays accessed off Parliament Street and the new Ackerman’s Parkade with 300 parking bays accessed off Longmarket Street. These developments are on both sides of the Mutual building and between them solve an acute parking shortage in the area.

Laurie Wener, area manager for Pam Golding Properties, says the proposed redevelopment of the Mutual building is further evidence of the emerging potential of central Cape Town as a stylish new multi-cultural urban mecca.

“This is one of the first opportunities for investors and potential city dwellers to buy into not only one of the first inner city residential conversions, but also into a building which is part of Cape Town’s heritage. It’s also an internationally recognized artefact or collector’s item, and we believe that the historical and artistic value will enhance the intrinsic property value. In addition, it is one of at least 15 proposed projects expected to create a residential community of 2 000 in town in the next two to three years,” says Wener.

The architects for the project are Louis Karol Architects.

Ends

ISSUED FOR Old Mutual Properties
BY Michael Kerkhoff & Associates
INQUIRIES Rowland Chute 021-530-4519
                    Laurie Wener  021-439-7415
                    Peter Spencer 021-423-2150
                    Mike Kerkhoff 021-424-5280