Another Cape Town high-rise office block is set for conversion into apartments.

Following the successful sell-out of apartments in the former Old Mutual head office in Darling Street, Old Mutual Properties is planning to add nearby Cartwrights Corner, at the junction with Adderley Street, to the inner city residential market in a R120 million project.

The plan is for Cartwrights Corner to have 108 one and two bedroom apartments, some with studies,  and eight penthouses spread over its current 18 floors of office space, says Rowland Chute, director of Old Mutual Properties.

“The sell-out of apartments in what will become Mutual Heights showed there is huge interest in well-priced, inner city apartments with access to parking,” he says.

“Cartwrights Corner, as with some other high-rise buildings, has not been in strong demand as an office address. Conversion into apartments makes sound investment sense.”

Cartwrights Corner will have one-bedroom apartments on the lower six floors, and two-bedroom apartments, some with studies, and the penthouses on the upper 12 floors.

The building has 189 parking bays.

The apartments are priced from R320 000 to R1 250 000, says Philip Howes, design manager of Old Mutual Properties.

He says Cartwrights Corner will be converted into an intelligent building, with its own internet backbone.

“Existing retail space in Cartwrights Corner will be reconfigured to attract tenants whose offering will complement an inner-city lifestyle. These retailers are expected to range from a food market and book store to restaurants and a gymnasium.”

Neil Gardner, development executive at Old Mutual Properties, says early reaction to promotional signage on the building and a marketing campaign targeting prospects identified from the Mutual Heights sales drive suggests the sales threshold to trigger a conversion will easily be reached.

“The interest is remarkable”, he says. The official sales launch by Pam Golding Properties, featuring a show apartment, will be on November 1.

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ISSUED FOR  Old Mutual Properties
BY Michael Kerkhoff & Associates
INQUIRIES  Rowland Chute 021-530-4519
                Philip Howes/Neil Gardner 021-530-4533
                Mike Kerkhoff 021-424-5280