The affordable residential letting market in Pretoria’s CBD is set for a further boost through a R83 million conversion of Steyns Building in Schoeman Street into 367 apartments.

The project is the third by a joint venture between Old Mutual Property Group and City Property Administration to convert redundant office space into apartments for letting. Other conversion projects by the joint venture are Plaza Place and Persam Place in Johannesburg’s CBD. 

The redevelopment also covers the upgrade of 22 shops at ground level and of the 108-bay parking areas, says Brent Wiltshire, business development executive of Old Mutual Property Group.

He says the eight floors of office space, covering 19 080m², will be converted into 157 bachelor, 116 one bedroom, 18 one bedroom “de luxe”, 59 two bedroom and 17 specially equipped one bedroom flats. These 17 flats will be for the disabled.

The residential accommodation, to be let and managed by City Property, is expected to be ready for occupation at rentals from R2 150 a month by the end of 2007, says Wiltshire. 

“Property owners have converted Pretoria commercial buildings into residential properties with much success, with City Property alone creating more than 2 000 units over the last five years. 

"Demand for residential accommodation in the CBD continues to grow. Out of a total of 24 residential properties in the central CBD, there is currently only a 5% vacancy. With the arcades and main arterial routes close by to Steyns Building, these units will be highly marketable."

Steyns Building is in the block bounded by Schoeman, Andries, Pretorius and Van der Walt Streets.
The Johannesburg conversion projects by the joint venture between Old Mutual Property Group and City Property involve the creation of more than 400 apartments – 211 at recently completed Plaza Place in Jeppe Street and 192 at Persam Place, now being redeveloped at the corner of Loveday and Bree Streets.