All penthouses and apartments at the vibrant Melrose Arch precinct have been sold. In total there are some 125 up market residential units situated in the landmark location, which also includes retail space, office, hotel and a spread of Gauteng’s trendiest restaurants. These comprise approximately 16,000m2 of the total 175,000m2 developed in the precinct to date, equating to some 9% of Melrose Arch mix.

Melrose Arch is owned by Southern Palace, a joint venture between Amdec Property Development and Property Partners. Amdec is also the appointed development manager for Melrose Arch, driving the roll-out of all development projects in this prestigious mixed-use precinct.

“The high demand and limited availability of apartments at Melrose Arch as well as the premium placed on the location because of the superior quality lifestyle it offers, indicates that the time is right to consider bringing more residential space to market,” says Stopforth. He explains that the residential element is important to sustain a mixed-use development however he cautions that maintaining the right balance between the different elements is essential to the success of a mixed-use development.

“While tempting, developers of mixed-use precincts – which are almost without exception long-term investments – should not be lured into chasing transient value as the property cycle follows its inevitable peaks and troughs, but rather stick to the long-term vision to ensure a healthy mix and the right presence of each elements,” says Stopforth.

“There is always opportunity to optimise the investment by bringing certain elements to market at more opportune intervals, but it is important never to lose sight of the overall objective,” points out Stopforth.

Presently over 6,000 are living and working in Melrose Arch and by 2010, when all phases of the precinct are scheduled for completion, it is estimated that this will increase to more than 22,000.

This number will be significantly boosted by the Melrose Arch Piazza, which combines street-level shopping and upper-level offices, and is set for completion next year (2009). Melrose Arch Piazza will comprise of seven separate highly individualised buildings. Melrose Arch Shopping will provide 28,000m2 of retail opportunity whilst Melrose Arch Offices on the Piazza will consist of 31,000m2 of lettable office space.