A construction team is lined up for an October 1 start on the conversion of one of South Africa’s art deco treasures, the former Old Mutual head office building in Darling Street, Cape Town, into apartments.

Rowland Chute, executive director of Old Mutual Properties, says the R100 million sectional title redevelopment of the 63-year-old, 18-storey building that was once the tallest structure in Africa, apart from the Pyramids, can be completed in October next year given a go-ahead shortly.

"The rapid sell-out of the 170 apartments in what will become Mutual Heights vindicated our belief that the conversion is merited from a civic, investor and historical perspective, and that it will be a substantial boost to the revitalization of the inner city."

Chute says proposals for the redevelopment were welcomed by neighbouring owners and representatives of interested organisations at a public presentation in the building last week by Louis Karol, of Louis Karol Architects, and Gawie Fagan, heritage consultant.

"No objections were voiced at the meeting to the proposals or the two supporting planning applications submitted to the Cape Town City Administration.

"These are for the conversion of the business premises to flats and for construction of a pedestrian bridge between Mutual Heights and The Adderley building, spanning the intersection of Parliament and Longmarket Streets.

"The bridge is necessary to provide easy and secure access to the parking to be allocated in The Adderley to owners at Mutual Heights. The rapid sellout of the redevelopment, and resultant boost for resurgence of the CBD, would have not been achieved without the offering of parking at The Adderley to supplement the limited parking available in Mutual Heights. "

Andrew Boraine, CEO of the Cape Town Partnership, says a start on the Mutual Heights project can be expected to spark several other redevelopments now in the pipeline.

"Most importantly, encouraging this type of inner-city residential means that we encourage the development of a 24-hour city, which is a key characteristic of successful central cities worldwide.

"The beauty of urban renewal is that one major development signals confidence and prompts further developments in the immediate area – a ripple effect. The Mutual Heights project will mean the area around it will stand to benefit from upgrading and renewal, just as The Adderley development resulted in upgrades in the surrounding area."

Boraine says the demand for inner city living reflected in the quick take-up of Mutual Heights will be increasingly addressed by a range of projects in various CBD precincts.

"The Partnership is aware of a growing number of projects being readied for launch."