“Pam Golding Properties is honoured to be marketing this new residential phase of Melrose Arch that is being developed by Amdec,” added Dr Golding. “Melrose Arch is a pioneering mixed-use development concept, which has consistently led the way in modern urban design in South Africa.”
He said that homes in the Melrose Arch precinct remain as popular as they have ever been. “This is not surprising, as the development is iconic, offering a sophisticated, highly exclusive and convenient high-street café lifestyle, which knows no equal in this country. In addition there are only a limited number of residential properties available within the highly fashionable development, which has an enviable national and international reputation.”
“One on Whiteley is therefore a most a timeous and welcome development that will assist in meeting the ongoing demand for residential property within Melrose Arch and for innovative, sophisticated urban lifestyle spaces in Gauteng,” added Dr Golding.
Peet Strauss, Melrose Arch development manager for Pam Golding Properties (PGP), says that a range of exclusive upmarket accommodation with quality finishes has been made available at One on Whiteley through Pam Golding Properties.
The apartments are priced from R2.695 million for a one-bedroom apartment of 60 sqm through to R6.048 million for a two-bed executive flat of 136 sqm. The total value of the residential units in the new apartment block is R450 million. The homes will be ready for occupation by July 2017.
“Melrose Arch is centrally situated and is conveniently close to Sandton, the business capital of South Africa. This makes it a popular location for professionals looking to live in a secure development that has the feel of a European city with a vibrant street culture,” notes Strauss. “A number of investors, including local and international executives and professionals, have already snapped up homes, which offer a once-in-a-lifetime investment opportunity.”
Strauss says that a number of investors have also indicated their intention to purchase apartments with the purpose of letting them. He adds that the first three residential phases at Melrose Arch have achieved a gross rental yield of some 12 percent with ongoing demand being experienced from multi-national companies looking for luxury accommodation close to Sandton for employees.
In Strauss’s view, good capital growth on investment is always expected within Melrose Arch and likely to be in the region of at least five percent over the next two years. Some indication of the kind of growth in the value of properties that has been taking place in Melrose Arch over the years can be observed in how the square metre value of the various residential phases has escalated over the years.
“The first phase at Melrose Arch, which sold between 2004 and 2005, was marketed for R19 500 per sqm, while the second phase was marketed for R24 000 per sqm between 2006 and 2007. The third phase of 2012 was marketed at R38 000 per sqm and the new phase is being launched at between R45 000 and R48 000 per sqm.”
Strauss points out that an increasing number of blue chip companies are based within the development, including such well-known brands as DuPont, Bidvest Group, Lonmin, British Airways, Royal Bafokeng Holdings, TWP, Stanlib and Worley Parsons.
“This, and the fact that Melrose Arch is home to two internationally renowned hotels, with a third being added, as well as a host of quality restaurants, has seen the precinct become the place in Johannesburg in which to conduct business. Whether business executives work from the surrounding offices or hold meetings at one of the many restaurants or executive hotels, they find Melrose Arch convenient and the facilities of an international standard.”
“In addition, everything that residents need, including upmarket restaurants, entertainment, doctors, dentists, gyms, a nursery school, commercial outlets, including a host of international fashion and retail offerings, and offices, is within easy walking distance,” observes Strauss.
One on Whiteley will be equipped with air conditioning to all apartments and a management system to monitor costs and reduce carbon emissions. To mitigate the effects of possible load shedding and power outages, a full electricity backup system is also being installed.
Melrose Arch is situated on all major bus routes, while the Gautrain bus travels through the development every 15 minutes during peak hours. The area is a central point in Johannesburg, adjacent to the N1 highway and offers easy access to Wits University, the University of Johannesburg and a host of outstanding schools.
Strauss says that one of the most exciting aspects about Melrose Arch is that considerably more development within the precinct is either planned or underway. The precinct currently comprises 225 000 sqm of mixed-use development. A further 375 000 sqm has been earmarked for future phases. The precinct will generate an ultimate capital asset value in excess of R16.5 billion.
“Melrose Arch has become a pulsating micro-metropolis. This new apartment development will offer residents an urban lifestyle that is comparable to anywhere else in the world and apartments here are always going to represent an outstanding investment,” concludes Strauss.
For further information please contact Peet Strauss of Pam Golding Properties on telephone 011 684 2996 or email pstrauss@pamgolding.co.za.