Media release from Melrose Arch Development Company

13 September 2006

R105 million, have been fully sold. Melrose Arch is owned by Southern Palace, a Property Partners and Amdec Property Developments joint venture, both companies are Cape Town based.

The 6,500m2 offices, which are part of the roll out of the vibrant mixed-use precinct by the Melrose Arch Development Company, range in size from 100m² to 300m².

“For the first time Melrose Arch has offered the opportunity to own office space, as opposed to leasing. The demand from business owners to buy offices has been phenomenal,” says Peter Golding of Pam Golding Properties.

40% of the offices in the adjacent R242 million, 3 Melrose Boulevard, which came on stream four months later than its sold-out neighbour, have also already been sold. The units start in size from 250m², with the largest space available spanning a full floor at 2,900m².

Paul Barrow of Barrow Properties, joint venture partner of Melrose Arch Development Company on both buildings, is upbeat about sales. Barrow explains that both owners seeking a tenant on a long-term lease and owner-occupiers – predominantly established professional such as accountants, attorneys and consultants – are buying into these two superbly located sectional title offices.

3 Melrose Boulevard comprises five storeys, including a penthouse level of residential apartments. Both 1 and 3 Melrose Boulevard are superbly located at the Atholl Oaklands Road entrance of Melrose Arch with premium highway visibility from the M1 highway and share common private space in a tranquil courtyard as well as effervescent public space facing the street.

 “The vision for Melrose Arch to accommodate offices, retail and leisure opportunities, together with the adjacent residential areas in Melrose Arch, to form a genuinely integrated urban experience in a single precinct has proved farsighted, resulting in its appeal to businesses,” says Nicholas Stopforth, a director of  Melrose Arch Development Company, which is a joint venture partner on both developments.