Cape Town’s burgeoning city residential market has had a further major boost with the sale of luxury penthouses in two redevelopments by Old Mutual Properties set to top R12 million.

“This is further solid evidence of how the concept of city living is gaining ground, particularly with office-to-apartment conversions offering select retail outlets, a gym and other facilities on the doorstep, “ says Laurie Wener, area manager for Pam Golding Properties.

The largest deal, now being concluded, is a R6,5 million transaction for a 342m² penthouse on the 11th and 12th floors of Mutual Heights, the internationally acclaimed art deco building  in Darling Street. It is one of a total of 13 premier units in Mutual Heights and in nearby Cartwright’s Corner, at the corner of Adderley Street, on offer by Pam Golding Properties who are marketing both redevelopments.

The premier units present unique opportunities for sophisticated living in the heart of the city, combining stunning views of mountains, the harbour and the bustling CBD with extraordinary finishes and security, says Wener.

The most expensive of the penthouses and apartments are at Mutual Heights, the former head office of Old Mutual and once Africa’s tallest building after the pyramids.

The historical and artistic features of what is an internationally recognized treasure enhance the intrinsic property value, says Wener.

The so-called fresco hall, or former assembly hall for policyholders, on the eighth floor, to be converted into an apartment of 379m², features a 148m² mural by Le Roux Smith Le Roux depicting South Africa’s progress. The unit is on offer at R6,6 million.

The former directors’ board room on the fourth floor, to be converted into an apartment of 358m², is priced at R5 million. It has walls panelled with pale sycamore wood above richly grained stinkwood, with a mural in wood on the importance of Cape Town on the lines of communication between east and west.

Wener says the remaining penthouse at Mutual Heights is on the 10th floor and boasts outstanding sea and mountain views and a private terrace. Priced at R5,2 million, it occupies 302m².

Contractors are now busy with the redevelopment of Mutual Heights into 170 apartments, most of which sold out within weeks of launch, and expect to complete the project in the last quarter of this year.

The release of the penthouses at Cartwright’s Corner marks the third phase of the proposed office-to-apartment conversion.

Two of the eight penthouses were sold before the launch of the third phase – one of 140m² for R3,2 million and another of 118m² for R2,7 million. The remaining six units are priced from R2,12 million to R3,2 million and range in size from 92m² to 140m².

Buyers can also opt for the larger executive apartments, offering two bedrooms and a study at 115-126m², priced from R1,7 million – R1,9 million. In the first two phases, 88 of the 112 studio apartments and one- and two-bedroomed units on the fifth to the 22nd floors at Cartwright’s Corner have been sold.

All prices are VAT-inclusive and no transfer duty is payable.

ends

ISSUED FOR Old Mutual Properties

BY Michael Kerkhoff & Associates

INQUIRIES Neil Gardner 021-530-4528

                    Laurie Wener 082-777 0002

                    Mike Kerkhoff 021-424-5280