“This follows the incredible interest in Plaza Place, the first office-to-apartment redevelopment by the joint venture for the rental market,” says Siyabonga Mbanjwa, Gauteng development manager for Old Mutual Properties. First tenants are expected to move into the 211 apartments at Plaza Place, in Jeppe Street, early next year.

Persam Place, a 17- storey office block on the corner of Loveday and Bree streets, will comprise a ground floor of renovated retail space and 192 apartments - 48 bachelor, 112 one-bedroomed and 32 two-bedroomed units. Sixteen of the bachelor units will be fitted for the specific use of people with disabilities.  Monthly rentals will be pitched between R1 800 and R2 800. Prospective retail tenants are being interviewed now.

“We expect occupation to take place a year from now,” says Mbanjwa.

The R32.8 million redevelopment is being handled by Blackstone Projects.

Mbanjwa says the building is in excellent shape and only cosmetic changes will be made to the exterior.

“The interior will be extensively revamped in line with the joint venture’s vision to offer excellent affordable space in the CBD.

“Following the interest in Plaza Place, we are confident that Persam Place will also help fill a much needed gap in the market.”

Another two office buildings have been earmarked for potential conversion to apartments by the joint venture.

The Plaza Place and Persam Place projects will extend the portfolio managed by  City Property  which has over the last four years created  2 000 residential units from vacant  and obsolete office buildings in the Pretoria CBD.

This has had the effect of serving as a catalyst for the rejuvenation and rehabilitation of key city precincts of a previously deteriorating central business district. 

City Property’s management portfolio of 5 000 apartments in Pretoria generally comprises bachelor, one- and two bedroom apartments at affordable rentals. The company says its success is dependent upon creating a safe, secure and clean environment and particularly on the management, administration and control of these buildings.