The conversion of Mutual Heights, the iconic 67-year-old office building in Cape Town CBD, into an exclusive 178-apartment block is credited as the catalyst that sparked the much-needed rejuvenation of the city centre.
Developed by Old Mutual Property, with GPS founder Neil Gardner leading the development team, the conversion generated excellent sales income and breathed new life into an historic art deco building and the city. The conversion won the refurbishment category in the annual SAPOA awards for development excellence in 2005.
Launched in 2005, all 178 loft units were sold within two weeks, and steady resales continue. In 2003, they were R6,000 – R7,000/m²; currently they are about 40,000/m². Buyers include young professionals and investors, and attract a national and international market.