THE concept of inner-city living in Cape Town has been given an enormous boost with the enthusiastic buyer response to the conversion of the former Old Mutual head office building in Darling Street into apartments. Since last weekend's launch of Mutual Heights, more than 80% of the units have been sold. "The flurry of sales bodes extremely well for the rejuvenation of the CBD," said Laurie Wener, area manager for Pam Golding Properties, which is marketing the apartments. "It's wonderful to see so many Capetonians showing so much excitement at the concept of inner-city living, with its convenient blend of luxury living, close to the office, amidst a vibrant street culture. "We've seen a lot of interest from young professionals and parents buying for young adult members of the family, as well as lovers of the Art Deco style who have jumped at the opportunity to own a piece of this unique blend of modern living and old-style grace." Wener said a lot of interest had been generated through the website www.pamgolding.co.za/mutualheights and its electronic newsletter. Built in 1939, the former Old Mutual head office is steeped in history, having once been the tallest building in Africa after the pyramids. It is still recognised as one of the finest examples of the Art Deco style on this continent. The recreation of this piece of history into a 178-unit sophisticated apartment complex will mean that the unique features are not only maintained, but can now be enjoyed by more of the city's residents. The impressive entrance and banking hall on the ground floor will be kept intact, creating a magnificent vista of gold-veined black marble. Meanwhile, plans are under way for a health spa, restaurant, delis and a select retail section on the building's lower floors, meaning that residents will have all the benefits of luxury living, right on their doorstep. A few units are still available at around R350 000, a penthouse at R4 million and an apartment at R1.5 million. Rowland Chute, executive director of Old Mutual Properties, said: "From Old Mutual's perspective, the conversion makes sense because the building is no longer in demand as an office block, and being a South African masterpiece, preservation is important." The outgoing chief executive of the Cape Town Partnership, Michael Farr, said the creation of a 24-hour city, with people living and working in the CBD, would play a crucial role in the rejuvenation of Cape Town. Speaking at his farewell function this week, Farr said there were now 15 residential developments coming on stream in the CBD which would bring 2 000 new residents into the city in the next few years. Construction of the apartments, designed by Robert Silke of Louis Karol Architects, should begin in October.
Publisher: Weekend Argus
Source: Weekend Argus
Art Deco lure: 178 units in demand Old Mutual a big boost to city living.
Posted On Monday, 07 July 2003 02:00 Published by eProperty News
concept of inner-city living in Cape Town has been given an enormous boost with the enthusiastic buyer response to the conversion of the former Old Mutual head office building in Darling Street into apartments.
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