Old Lion Match factory: big plans

Plans for the Old Lion Match Factory development in Observatory, Cape Town, have been unveiled. Built in the 1920s in the grand style of the times, the historic buildings will remain while the later additions will make way for a contemporary 'village within a village' concept.

Plans for the Old Lion Match Factory development in Observatory, Cape Town, have been unveiled.

The sprawling complex in Lower Main Road has been the subject of much speculation among residents in the area - and beyond. It was built in 1920s when the match company created its factory there, developing it in the grand style of the times.

Now plans for the R250-million development have been revealed, showing a 'village within a village' concept that works on the principles of new urbanism. The historic buildings will remain, but the later additions, without heritage merit, will make way for contemporary buildings designed in sympathy with the original structures.

Property players turned out in force for last week's launch. The development is being financed through a joint venture between Equity Estates, and mega players, Property Partners, developers of Melrose Arch and the controversial Nettleton Road development in Bantry Bay.

Property Partners' Stuart Chiat, and Cyprus-based billionaire partner Alan Collier were there, as was leading Cape Town architect, Derek Henstra. Renowned property journalist cum developer, Ian Fife, addressed the crowd.

Equity Estates' Cape Town managing director, Mike Deacon, said the development had complied with heritage laws and had been designed to blend in with the architecture of Observatory. It was supported by the Observatory Civic Association.

'The industrial part of the complex isn't sensitive in terms of heritage so it will be pulled down and a new building, comprising studios, erected there,' he explained.

'But the beautiful gabled, redbrick buildings will be retained. We envision this development as a place where people will live and work. There are studios to live in and commercial opportunities too. We are sourcing convenience retail outlets too, such as a hairdresser, a pharmacy, a food emporium, a few restaurants, a coffee shop - that kind of thing,' he said.

Deacon, who has a soft spot for the area since his university days, says the development will provide investors with major opportunities.

'The office market was flat for six years. Rentals hadn't moved since 1999. Now office supply has been taken up by all the retail/residential/commercial conversions, and has shrunk. This place will deliver excellent returns within two to three years,' he predicts.

Dave Russell from Baker Street Properties who is selling the units says sales so far have tended towards the 'commercial user'.

'I've sold to an attorney who is going to live and work here, for example. It's a European-style development that is lively and attractive and secure and best of all, attractively priced,' says Russell.

The smallest of the units is 54sq/metres, and pricing is R11 000 per square metre. – Glenda Nevill

For more information contact 021 419-9000 or visit www.theoldmatchfactory.co.za.

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