This Art Deco building on Cape Town's Long Street just sold for R37 million

A landmark Art Deco building, 50 on Long Street in Cape Town’s CBD, is set to undergo a complete interior refurbishment after it was sold for R37 million.

Situated in a prime location on the corner of Hout and Long Street, this freestanding commercial building comprises a gross lettable area of 3,075sqm incorporating ground floor retail plus six storeys of commercial office space and a penthouse apartment.

According to Annenberg Property Group, who brokered the sale, tenants will be able to customise the office space to their own exact business requirements.

The building will include 24-hour security, a standby generator, CCTV and access control and will be fibre optic ready.

Annenberg’s Lyall Johnson said that the heritage building was 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.

Sport & Surf, which is located in the ground floor retail space and has been trading there for over 10 years, will remain a tenant.

All the internal areas of 50 on Long Street will be refurbished to a AAA grade standard, including common and office areas, lifts and air conditioning as well as a new reception fronting on to Long Street which replaces the existing entrance off Hout Street.

The aesthetic of the building will include the use of timber, stone and panelling detail in the reception, with black steel cottage pane shop fronts on all office levels. Completion of the refurbishment project is anticipated for August this year.

Source businesstech.co.za