Blue-chip tenant Harmony moves into Melrose Arch

Posted On Wednesday, 15 May 2002 10:01 Published by
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MELROSE Arch, a multibillionrand mixed-use development in the north of Johannesburg, has secured another blue-chip tenant in mining company Harmony Gold

MELROSE Arch, a multibillionrand mixed-use development in the north of Johannesburg, has secured another blue-chip tenant in mining company Harmony Gold.

Harmony will set up its new corporate offices in 300m² there this month. Its move follows the Bond Exchange of SA taking 1500m².

Occupation of the development got off to a slow start. However, since Investec Property Group was appointed to manage Melrose Arch last July, occupation has risen from 20% to 82%.

The influx of tenants could be a sign that concern about the state of the office sector in the north of Johannesburg may be unwarranted.

A report by property consulting company Rode says SA's office market remains fundamentally strong. Noting oversupply of office space in the decentralised nodes of Johannesburg, it cites a take uprate that should deplete current vacancies in six quarters if no new supply comes on stream.

The first phase of Melrose Arch has 44000m² of offices, 8000m² of retail space and a residential development.

Prominent names on the tenants' list include Andersen, which has 6084m², General Cologne Re Africa, which occupies 975m², and the National Empowerment Fund.

Consultants Pierce & Gambel are also based in Melrose Arch, along with risk consultants Kroll & Associates, financial services company Wentworth Capital, and administration firm Osiris Trading.

Protea Hotels will launch its new brand, African Pride Hotels, at Melrose Arch this year with a five-star hotel targeting business travellers.

Harmony will be joined at Melrose Arch by another mining company, Duiker Mining, in June.

Investec's Farrel Osher says his company is also engaged in negotiations about space with Virgin Active. Business Day


Publisher: Business Day
Source: Business Day

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