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Affordable housing in the inner city

The renovated Cavendish Chambers on the corner of Kruis and Jeppe streets is a project of the Affordable Housing Company, or Afhco. The once hijacked office building has been transformed from a grimy, dilapidated structure into a luxury apartment block.

It was obtained in 2006 for a mere R8-million, and underwent an extensive 40-day cleaning with the help of 30 labourers, resulting in 30 waste skips being filled.
Then a complete refurbishment plan was initiated to the value of R36,5-million. Every window needed to be replaced, as well as a complete rehabilitation of the outside façade, as the concrete was separating from the facade. This was followed by a new lift system as well as a new substation for City Power being installed by Afhco.
 
The company transformed the 16-floor office building into 187 apartments targeted at emerging middle-class residents earning between R3 000 and R10 000 a month. With rentals ranging between R1 600 and R3 000 a month, these units have two-toned painted walls, ceramic tiles, modern kitchens including cookers, DSTV aerials, VoIP phones, internet and DSTV connectivity, fingerprint access, 24-hour security and full-time building mangers and cleaners.

The JDA notes: "The Halala adjudication panel, in awarding Afhco the Living Joburg Corporate Investor Award, recognises the daunting task it took on converting a former commercial building into desirable homes in the inner city."

Presently, 5 000 residential units are being built by Afhco, due for completion in 2011. This will bring the company's residential rental portfolio to about 9 000 units totalling R1,6-billion.
The group owns 62 buildings in the inner city and 10 outside the CBD, representing approximately 3 500 rental apartments within the inner city and about 300 000m2 of retail and commercial space.

Read more: http://www.joburg.org.za/content/view/5353/266/#ixzz0rU5TDQZL