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Landmark historic Cape Town building is mixed use and has tenants in place

One of the major attractions at Broll Auctions and Sales’s final auction of the year in Joburg on December 5 will be 132 Adderley Street, a Cape Town CBD landmark. The auction, with online bidding, will take place at the Wanderers Club in Illovo at noon.

On offer as a corporate disposal, the 12-storey 132 Adderley Street – with “general business” zoning – has for many years been a mixed-use property with an Absa banking hall on the ground floor, offices in the rest of building, and a residential unit on the top floor. Located on the corner of Wale Street, the building has a gross lettable area of 5168m² on a plot of 660m².

Current tenants include Absa, the Department of Public Works, SA Human Rights Commission and other businesses, including firms of attorneys. The building is served by three lifts.

Ismail Hendricks, who is handling the sale for Broll, says Absa has indicated it will enter into a new five-year agreement with the new owners for the lease of the banking hall.

“The building’s location is a major attraction. Properties in the Cape Town CBD are in high demand and this historic building, with its heritage façade and proximity to tourist attractions, such as the luxury Taj Cape Town Hotel, will attract strong bidding from investors. The demand for office space in central Cape Town is shown by the fact that Cape Town continues to have the lowest office vacancy rates of all South Africa’s cities,” Hendricks says.

A recent report by the Cape Town Central City Improvement District revealed that the CBD property market had soared in value by nearly 40% in the past financial year, with 39 new developments worth over R13.5billion in the pipeline.

For more information about 132 Adderley Street, call Hendricks at 0829086653 or email ihendricks@broll.com.

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