PROPERTY: Melrose Arch Development Continues at One on Whiteley
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THE DEVELOPMENT of One on Whiteley is already well underway, confirms Nicholas Stopforth, MD of Amdec Property Development: “We are delighted to be building the next phase of Melrose Arch. We have appointed Group 5 as the main contractor and construction has begun on One on Whiteley’s basement, retail, hotel and residential components."
Building is forging ahead for the first two Marriott-branded properties in South Africa -- the signature brand Johannesburg Marriott Hotel Melrose Arch and the Marriott Executive Apartments Johannesburg Melrose Arch. Both are part of Amdec’s One on Whiteley development, which also includes luxury motor retail.
âElements of the Development
Stopforth adds that all elements of the development will be complete by July 2019, when One on Whiteley will come to life to add an exciting new dimension to the unmatched Melrose Arch precinct.
With the new development in full swing, Amdec has also released its final phase of exclusive residential apartments for sale. The first phases of One on Whiteley apartments are already sold out amid high levels of interest from investors. Enjoying continued strong demand, with the release of the final phase of apartments for sale, this means that 70% of its total 241 new residential apartments are now sold.
Residential apartments are a highly sought-after part of the total Melrose Arch development, and have earned a proven track record of capital growth and rental yields.
Magnus de Wet of Vista Wealth Management recently advised the JSE Power Hour that investors who do have an appetite for buy-to-let properties should focus on high-income, dense areas, such as Melrose Arch and around Gautrain stations, where investment is still happening. He also sees the demand for buy-to-let properties increasing in the current economic environment, with uncertainty and low confidence driving more people to rent homes.
“What makes a Melrose Arch apartment an attractive investment proposition, whether buying to live or to let, is that an apartment at Melrose Arch is more than a quality asset, it’s an investment into the ultimate lifestyle,” says Stopforth.
Melrose Arch is a privately owned, maintained and operated precinct with its own excellent infrastructure. Located in the heart of Johannesburg’s leafy green northern suburbs, it is a complete lifestyle experience in an immaculate city with an unlimited choice for everyday needs. Its New Urbanist design is people-friendly and environment-friendly.
New Urban design creates quality, connected living in diverse, walkable, compact, vibrant, mixed-use communities. Importantly, its people-centric approach results in better places to ‘live, work and play’. In South Africa, Melrose Arch has become the icon of the most desirable New Urban lifestyle.
The development of One on Whiteley distinguishes Melrose Arch even further and adds to its unique collection of international boutique lifestyle brands, especially the variety of its hotel, hospitality, restaurant and entertainment.
Development of Two World-class Hotels
Melrose Arch’s two world-class hotels -- the 5-Star African Pride Melrose Arch Hotel and the contemporary urban 4-Star Protea Hotel Fire and Ice -- will be joined by the Johannesburg Marriott Hotel Melrose Arch, which will offer 150 rooms, and the Marriott Executive Apartments Johannesburg Melrose Arch, which will have 200 apartments.
Stopforth notes: “The development of One on Whiteley complements and enhances the international boutique lifestyle brands at Melrose Arch and adds to the already high prestige of this leading New Urban quarter.”
The social and financial success of New Urbanism have been proven, not only in South Africa at Melrose Arch but in the United States and other countries too. Amdec Group, the privately-owned property development and investment business, is recognised as South Africa’s leading developer of New Urban lifestyles, has used its 26 years of experience in the property industry for its visionary projects like the iconic Melrose Arch mixed-use precinct.
Amdec is changing the urban fabric of South Africa and revolutionising the way that people connect with property. It is passionate about raising quality of life by creating better places to live, work, play and stay.
Amdec’s pioneering portfolio includes the landmark Melrose Arch mixed-use precinct, the award-winning Evergreen Lifestyles brand including its six retirement villages, XtraSpace state-of-the-art self-storage facilities, Val de Vie Polo and Wine Estate; Pearl Valley Golf and Country Estate; The Yacht Club on Cape Town’s rapidly expanding waterfront; and Westbrook, a 128 hectare residential suburb in Port Elizabeth, and many other landmark mixed-use, residential and commercial developments.
Business News Sector Tags: Property|