Durban's Grande Dame sells for R21,5m

One of Durban's great property icons, the "Colonial Mutual Building" situated at 330 West Street, fell under the auctioneers gavel at Alliance Group's Multiple Commercial Auction on 21 August 2008 and received the final GONE stamp in September 2009.

Constructed in 1933, the Colonial Mutual Building was the tallest building at the time in Durban and the first one operating an elevator, says R. Stenzhorn of Alliance Group. "The building has strong Romanesque features along with Art Deco and this influence was borrowed from the early Art Deco American sky scrapers designers, who incorporated gothic and Romanesque into their structures."

The building comprises of 183 office suites spreading over 11 floors and prime retail stores on the ground floor and first floor which totals to 7560m2 of gross building area.  The building is situated in the heart of the Central Business District and directly linked to its surrounding retail neighbours via passages and shopping arcades, offering easy access to the nearby Pine Parkade.

With the growing demand for residential flats within Central Durban, this property has offers the perfect re-development opportunity for residential conversion, says Stenzhorn. It has been secured by the highest bidder of last year's auction; which is a national property management company , that has also recently bought Pointen House in Soldiers Way with the intention to create up-market inner city accommodation.

The Alliance Group, Southern Africa's biggest auction house, has sold the Colonial Mutual Building on auction for the second time within 48 months and achieved a final purchase price of R 21,5 million.

This is exciting news says Stenzhorn and a true reflection of the confidence in the Durban CBD which helps trigger the revitalising of the inner CBD and modernised CBD living.

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