In a joint venture with Warner Projects, Melrose Arch Development Company has announced the next phase in the Melrose Arch residential component.  This follows the success of the first residential apartments where 34 of the 47 apartments have been sold at prices between R2.5 million and R7.5 million with the first owners moving in on 17 October 2005.

The newly-announcement residential development, Melrose Square on Oak Lane, will appeal to a similar market in terms of style and design standards, but will be built within a more affordable size range. Quality finishes will remain a top priority but unit sizes will be smaller than the first development.

Joint venture partners, Warner Projects, have set the completion target for 15 months. They will be responsible for all 62 units, which in total will cover an area of 6000m². With over twenty years of experience in residential development of this nature, Mark Waner says, “We see huge potential in the ongoing development of Melrose Arch and are proud to be associated with the brand.”

Unit sizes begin at 65m² and go up to approximately 140m².  Pricing for the units will be between R1,1 million and R3,8 million. “This makes it an excellent opportunity for newcomers to the property investment market, as well as an attractive residential option for the trendy professional market who wants to take advantage of the complete lifestyle option offered at Melrose Arch, at a lower entry level,” says Pam Golding’s Peet Strauss.

The residential development is already attracting corporate interest; the rental leases signed by corporates can run from between 1 and 3 years at a time – this creates another opportunity for property investors who are looking for stable returns. Cape Town and Durban businessmen requiring a Johannesburg base have taken an interest in the first development, and the developers believe this trend will accelerate in the second development.

Increased demand for residential space in Melrose Arch is the main driver behind the development of Melrose Square on Oak Lane. It is the first of the newly planned developments within the precinct, which will include a fully accessible retail component to complement the urban lifestyle attraction.

Nicholas Stopforth, of Melrose Arch Development Company, says, “these units will tie in perfectly with what we have planned for the future of Melrose Arch and the demand shows us that the neo-urban trend is certainly growing in popularity.”

The international ‘city-within-a-city’ style of living where all the urban luxuries are easily accessible to residents, has also inspired the architects to use New York loft-living as an influence in the design of the new apartments.
 
“The porcelain tiles, wooden floors and sleek Italian kitchen units are tastefully contrasted by rough plastering, face-brick interior walls and large windows – balancing light and texture within each unit,” says David Currie from Osmond Lange Architects. The firm will be overseeing all design aspects of the project. Interior decorators will be working on the units’ unique feel from day one – this is an important aspect of creating an individual’s unique living space.

Balancing safety with accessibility for residents has been the developers’ top priority, the basement parking will be exclusively private and residents will use elevators to arrive at their own door. Accessibility to the basement area will be on Atholl Oaklands Road and twenty-four hour security is already in place.

“This is certainly a big step in realising the vision behind Melrose Arch and the creation of a complete lifestyle within an exciting urban context. We are proud to offer prospective buyers the next step in practical living within a big city,” says Nicholas Stopforth of Melrose Arch Development Company.

For more information, please contact:

Warner Projects
Mark Waner
Tel.  011 784 0353
Cell 083 250 8372
 
Pam Golding Properties
Peet Strauss
Tel. 011 684 2995
Cell 083 675 1212
 
Marketing Concepts
Sandy Davey
Tel.  011 880 2213
Cell  083 453 6668