Art Deco Building sells for R37-million
There has been considerable excitement in the property world this month, following the sale of the Art Deco commercial building in the Cape Town CBD.
The property sold for an astonishing R37-million recently, in a transaction that was brokered by the Annenberg Property Group. The building will undergo a complete transformation internally, being refurbished from top to bottom.
It is an exciting period for all the relevant stakeholders. Annenberg Property broker, Lyall Johnson explained why.
"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," said Johnson.
"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," added Johnson.
Director for the Annenberg Property Group, Andries Louw echoed similar sentiments on this, adding that this had been a great opportunity to modernize while ensuring that there was a healthy blend with what the building previously had to offer. That is essentially where the property market is going.
"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," added Louw.
"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."
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