The historic Barbican building in the Johannesburg CBD is once again towering proudly into the sky after a R19m process restored the architectural jewel to its former glory.
The metamorphosis of this once-dilapidated building has been brought about by the media, says Ben Kodisang, MD of the Old Mutual Investment Group’s property investment division (OMIGPI), owner of the Barbican.
This project will hopefully pave the way for other owners of historic buildings to look at their heritage with new eyes.
The Barbican, which is nearly 80 years old and situated on the corner of Rissik and President Street, is one of OMIGPI’s 24 buildings in the Johannesburg CBD and involves an investment of R500m.
It dates back to 1931 and has an eclectic architectural style, a combination of classic and other elements, and Art Deco. The ten-storey building was one of the first skyscrapers in Johannesburg after being completed, says Robin Fee, the architect of the project.
He says the aim of adding height is evidenced by the slim proportions of the building.
He says the most damage ever done to the building was in 1965, before OMIGPI owned it, when a “fool” decided to establish a display room for cars at the bottom of the building. As a result, the balcony, the balustrade and double glass doors were removed.
The other important elements have remained intact and the building was given its original colour after it was cleaned.
The plan with the building, originally an office building, is to let it as offices again. The internal layout has been modernised, but an office suite has been retained on the third floor. The possibility of a restaurant on the first floor is also not excluded.
The building entails 2,300sqm of rentable office space and is suitable for a single tenant or multiple ones.
The big problem is that there currently isn’t enough parking space available, says Lindsay Butler, a dealmaker at OMIGPI.
He says the vision is to convert this premises, together with other buildings that OMIGPI owns in the immediate area, into a super development. A new office block on the Palace premises with retail on the ground floor is being investigated, but it will be tenant-driven, he says.
Existing office buildings in the CBD are fetching rentals of R80/sqm per month and he says if a prospective tenant is willing to pay this for space in the Barbican, they have a deal.