HEARTLAND Properties, developers of a mixed-use development called Greenstone Hill near Johannesburg, say they have already sold out the first phase of the residential component at the site.

Mike Walsh, of Heartland Properties, says they have the development rights for 4000 residential units and phase one comprises about 1000 units. Phase two will contain the balance of the residential units 3000 in total.

It is evident by the sales at Greenstone Hill that the concept of home, work and play in the same area is taking off in SA.

The Greenstone Hill site is situated on the corner of Modderfontein Road and Van Riebeeck Avenue in Edenvale.

"The unit price ranges from R800000 up to R1,6m and include cluster developments and townhouses," says Walsh.

He says the entire retail component of the site has been sold to Sasol Pension Fund and JHI Real Estate has been appointed as the centre managers and leasing agents.

The rights are in place for a retail centre of 50000m², which is in the design phase.

"We also have the rights for a nursery," says Walsh.

He says they are busy installing infrastructure at the site, which includes roads, storm water drainage and sewerage services.

Walsh described the response to the Greenstone Hill development as "absolutely phenomenal. The residential component has been oversubscribed."

Heartland Properties were the developers of the industrial site Longmeadow Business Park, which is situated opposite the Greenstone Hill site.

Walsh says phase one and two of the Longmeadow Business Park have been sold out.

Mar 31 2004 08:01:12:000AM Nick Wilson Business Day 1st Edition