select
|

Art Deco commercial building sold in heart of Cape Town to undergo refurbishment

An iconic, landmark Art Deco building, 50 on Long Street in the heart of Cape Town CBD, which was recently sold for R37 million in a transaction brokered by Annenberg Property Group, is to undergo a complete interior refurbishment.



Situated in a prime location on the corner of Hout and vibrant Long Street, this freestanding commercial building comprises a gross lettable area of 3 075sqm incorporating ground floor retail plus six storeys of commercial office space and a penthouse apartment. 

Tenants will be able to customise the office space to their own exact business requirements. The building will include 24-hour security, a standby generator, CCTV and access control and will be fibre optic ready. The location is on MyCiti bus routes in a popular and dynamic area which is home to a large selection of restaurants, cafes and art galleries.



Says Lyall Johnson, Annenberg property broker who concluded the deal on behalf of the seller: “A Heritage building, the property has been acquired by a Cape Town based investor who will refurbish and re-tenant the site and may in the future use a portion of the building for one of his own enterprises. Sport & Surf, which is located in the ground floor retail space and has been trading there for over 10 years, will remain a tenant.

“Not surprisingly the property attracted a great deal of interest in the marketplace. There is a huge demand for properties of this nature in Cape Town CBD, whether for office use, pure investment or residential conversions. The building is exactly what the buyer was seeking. We were briefed in terms of what he was looking for and sourced the correct property which aligned with his requirements.”

All the internal areas of 50 on Long Street will be refurbished to a AAA grade standard, including common and office areas, lifts and air conditioning as well as a new reception fronting on to Long Street which replaces the existing entrance off Hout Street. The aesthetic of the building will include the use of timber, stone and panelling detail in the reception, with black steel cottage pane shop fronts on all office levels. Completion of the refurbishment project is anticipated for August this year.



Says Andries Louw, a director of Annenberg Property Group: “The property has good ‘bones’ and lends itself well to the creation of a modern offering that will appeal to the tenant mix targeted. Currently the market is seeing a significant amount of buyers, mostly investors or developers, who are seeking opportunities such as this with sound potential.

“Generally, owner occupiers are looking at smaller sectional title opportunities which are few and far between. As a result, there is a wide range of tenants out there from attorneys, accountants and architects as well as small tech companies and designers seeking modern space with the character that this kind of building provides once refurbished. The refurbished office space will be marketed at competitive asking rentals of R130 per square metre.”

Cape Town CBD continues to experience considerable investment as evidenced by the number of redevelopments, including mixed-use offices and retail in the near vicinity along Long and Loop Streets.

From a business, investment, residential and entertainment perspective Cape Town’s central city comes out tops, says Louw. “Wesgro recently announced that the International Congress and Convention Association has rated the Mother City as number one in Africa for convention business and among the top 40 global destinations for business tourism.



“Investor confidence in the city continues to run high as evidenced in a recent report by the Cape Town Central City Improvement District, which reveals a thriving and vibrant area characterised by constant revitalisation and currently enjoying an average occupancy in commercial property of 91 percent.

“With hospitality, finance and business services as key drivers of the local economy,  investment in real estate in the area continues apace, with a host of new developments and projects recently completed such as the state-of-the-art Netcare Christiaan Barnard Memorial Hospital in the Foreshore Precinct. What brings home the sustained, major investor confidence in the Cape Town central city is the fact that between 2016 and 2020 this area will enjoy huge investment in excess of R12 billion in a broad range of developments either under construction, undergoing refurbishment or in the planning and proposal stages.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK