Property Broker Lyall Johnson said the sale of the Art Deco building, for R37-million was a massive step forward for property development in the Cape Town CBD.
The building is situated on Long Street, which is in the heart of Cape Town, and will now undergo a complete interior overhaul.
Johnson and the team at Annenberg Property Group explained that the sale was recognition of the investment potential that the building offered.
“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 on Tuesday.
However, while a considerable amount will likely change during this transition, Johnson explained that some things will remain the same, which maintains the character of the building.
“Sport & Surf, which is located in the ground floor retail space and has been trading there for over 10 years, will remain a tenant.”
There was never any doubt that a sale would be made though.
“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.”