Gauteng Business News

Send  Share  RSS  Twitter  16 Nov 2010

PROPERTY: Investor Interest Runs High for Melrose Arch Phase Three


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Pre-launch investor interest in the eagerly-anticipated third residential component at stylish and upmarket Melrose Arch in Johannesburg is running so high that nearly 50 percent of the units on offer are already either reserved or under discussion says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“After our success in exclusively marketing residential phases one and two of the icon mixed-use development we are pleased, but not surprised, at the rate at which discerning investors are buying into phase three before the launch of a media and marketing campaign to the market as a whole,” says Dr Golding.

“The performance of property at Melrose Arch has been exceptional, especially in the light of the economic downturn. Although residential properties there are generally tightly held, sellers have averaged a capital growth of between 15 and 25 percent over the last 2 years,” says Dr Golding.

Furthermore, this world class development has also delivered excellent returns as a buy-to-let option that has been unmatched countrywide.

Designed to complement the existing two residential developments, and located alongside the Protea group’s new-age Fire and Ice Hotel, phase three will consist of 59 units says Peet Strauss, manager of the Melrose Arch office of Pam Golding Properties, who is leading the pre-launch sales initiative.

“They range in total size from 95sqm for a one-bedroom unit to 733sqm for the biggest of five penthouses. Although there are four three-bedroom units, excluding the penthouses, the bulk of the offering is for duplex units with two, similarly sized bedrooms. All bedrooms in the development will be en suite,” says Strauss.

Prices will range from about R3,4-million for a one-bedroom apartment to R9.5 million for the biggest 3 bedroom unit, and up to approximately R22-million for the largest penthouse.

“This is the first time that unit size and price will exceed 350sqm and R20-million respectively,” says Strauss.

The total initial sales value of phase three will be about R360-million – compared with R129-million and R174-million respectively in phases two and one (for which he also led the marketing campaigns).

“Like its predecessors, phase three is attracting interest from foreign buyers, local corporations, well-heeled empty nesters, successful young professionals and the inevitable top-end buy-to-let investors – all of whom are generally uncompromising about the high level of security and quality they seek,” says Strauss.

“Melrose Arch is widely acclaimed – both at home and abroad – as the most exciting mixed-use development in South Africa. Its cosmopolitan vibrancy and rich diversity of high street living (including its close proximity to Gautrain and its unique mix of offices, shops, restaurants, clubs and hotels) has no peers in the inland residential property market in South Africa,” Dr Golding concludes.

Phase three, which is being developed and built by the owners, Melrose Arch Investment Holdings Pty Ltd, is expected to be ready for occupation in the third quarter of 2012.

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