Exclusive Melrose Arch apartments in high demand
With the end of construction now in sight for the third phase of the residential component of Melrose Arch in Johannesburg, demand for the luxury apartments is growing.
Peet Strauss, Melrose Arch development manager for Pam Golding Properties (PGP), says 35 of the 59 units available in the five-story apartment block situated adjacent to the Protea Fire & Ice Hotel have already been sold. This represents more than 70 percent of the apartments, which were placed on the market by PGP in June last year (2011).
The apartments will be ready for occupation by the end of this year and are valued from between R3.7 million and R28 million. The total value of the units in the new apartment block is R400 million. Strauss indicates that two of five luxury penthouse apartments available have also been sold for R25 million and R28 million respectively.
“This is spurred on by the limited accommodation on offer in this highly fashionable mixed-use development,” he adds. “Most of the space in Melrose Arch is devoted to offices and retail, so residential apartments are always going to be in demand. There will only be a total of 172 units available once the third phase is complete. Melrose Arch offers secure high-street living and the apartments are proving to be a sound investment.”
Dr Andrew Golding, chief executive of the Pam Golding Property group, says that one of the most appealing aspects of Melrose Arch is that it is currently only a little more than 50 percent developed. Further retail and entertainment outlets and offices are being built and some 28 000 people will be working at Melrose Arch by the time the development is fully completed. “The lifestyle is convenient and cosmopolitan, and I believe it will become even more desirable as additional amenities become available,” he says.
Dr Golding notes that the residential development is attracting both international and local buyers including corporates, professionals and buy-to-let investors. Corporates are able to offer staff first-class accommodation in a secure development while investors find that the apartments offer good returns on buy-to-let options. The first two phases are achieving a gross yield of 12 percent and more while capital growth of at least five percent is anticipated over the next two years.
“In Melrose Arch the ‘live, work, play’ concept is being given true expression as a self-contained community where inhabitants can work, shop and enjoy leisure activities close to home. Melrose Arch is becoming a model for other developments in South Africa,” he says.
Residents may work at one of the many offices situated at Melrose Arch while doctors, dentists, gyms, restaurants and retail outlets are all within easy walking distance. The development has the first Woolworths store built on three levels and fine couture shops line the main streets. It is on all major bus routes, while the Gautrain bus travels through every 15 minutes during peak hours. “Melrose Arch residents have everything at their fingertips,” says Strauss. “The development offers highly sophisticated, modern living.”
Strauss says the first phase of the residential development offered units between 100m2 and 270m2 in size while the second phase consisted of apartments between 56m2 and 320m2. The size of the units in the third phase range from 95m2 to the larger penthouses, which range up to 860m2. Most of the apartments are two bedroom units, however there are also luxury one and three bedroom units on offer. The clean, modern interior designs are by Osmond Lange Architects and Planners and a show apartment is scheduled for completion in March 2011.
“Melrose Arch’s offices, residential accommodation, restaurants, hotels and retail outlets are all world-class creating a vibrant micro-metropolis,” concludes Strauss. “The residential development caters for everyone whether a lifestyle within a highly dynamic environment, or as a sound investment. It offers high-street living that is comparable to anywhere else in the world.”