The Melrose Arch Development Company and Barrow Properties are launching a new R224m sectional title office development at Melrose Arch in Johannesburg.

Nicholas Stopforth, development manager of the Melrose Arch Development Company, said the five-level development was a joint venture between the two companies and followed strong demand for office space.

The new 14,000m² development, named 3 Melrose Boulevard, will be launched on February 1.

Stopforth said the development was due to be completed early next year. "We haven't got a single square metre of lettable office space available at Melrose Arch, so demand is good," Stopforth said.

Barrow Properties is also the developer of 1 Melrose Boulevard, a sectional title office development launched in October last year.

It consists of 6,500m² of sectional title offices worth R100m.

Barrow Properties said 1 Melrose Boulevard had attracted considerable interest, with 13 of the 26 units already sold at prices ranging from R16,000/m².

There has been a lot of development activity at the mixed-use node, including residential development.

In November, it was announced that a new luxury residential development was planned at Melrose Arch.

Called The Lincoln at Melrose Arch, the development is a joint venture between the Melrose Arch Development Company and Kirchmann Hurry Projects Development Company.

It consists of 56 apartments, 14 of which are penthouses with roof-top gardens. Developers say it will generate total sales worth about R215m at R22,000/m².

Apartments are priced between R2,3m and R5m.

Construction of The Lincoln will begin in May.

Business Day
 
Publisher: I-Net Bridge
Source: I-Net Bridge