Situated on the corner of Long and Strand Streets, the eight storey building which comprises 6000 square metres of offices and on-site parking, was previously known as the Liberty Life building.

Arnold Maresky, CEO of SA REIT, said the building was acquired by SA REIT in October last year for R81million and had been selected for its redevelopment potential in line with the company’s strategy to primarily invest in properties where it could add value.

He said the external façade of the building was being remodelled and modernised and all eight floors of offices – each offering about 1500 square metres of lettable space - were to be totally revamped to incorporate state-of-the-art finishes.

“The refurbishment will reposition this grand old lady as a modern A-grade office facility in the heart of the Cape Town CBD,” he said.

Architect Chris Bam said 22 Long Street was an office block typical of early 1980s architecture with its “austere and almost brutalist features”.

“A thorough internal and external upgrade is being undertaken to reposition the building for the 21st Century in line with current trends in office accommodation.

“Externally the building will be treated with a specialized light coloured coating that will give it  a more modern feel and a new, defining entrance canopy will be erected to create a more sympathetic public interface at pedestrian level.”

Bam said the building would be totally refurbished internally with a mix of contemporary materials and “Avant-garde” design elements that will position the building at the forefront of modern office accommodation.

“The emphasis has been on using materials that are rich in texture and colour to make for a vibrant and thoroughly modern experience." 

John Bielich, development director of SA REIT, said well-known refurbishment experts R & N Master Builders had been appointed the main contractors and work had already commenced. The offices are expected to be available for occupation from June this year.

Leigh Metcalfe of Rabie Property Administrators said the asking rentals for the building at around R90 per square metre gross would be extremely competitive in the current rising rental market.

“As such we expect a rapid take-up,” she said.

SA REIT (formerly Shops For Africa Ltd) has been busy since it relisted on the JSE late last year as a new-look, recapitalised property investment and development company with an initial portfolio of 10 properties.

In February this year it announced it had acquired three additional properties in Cape Town for a total of R70million boosting the value of its portfolio of primarily Western Cape-based properties to more than R440million.  

Then last month it announced that it was selling a half share in two of its adjoining properties in the Cape Town CBD to Redefine Income Fund Ltd and the two companies would jointly be redeveloping the consolidated properties into a landmark triple A grade office block at a cost of more than R600million.