Further luxury residential accommodation has been brought to market in mixed-use property development Melrose Arch, Johannesburg, Gauteng, to keep up with the demand for residential space that is being experienced, within the precinct, said real estate agency Pam Golding CEO Dr Andrew Golding.

He was speaking at the launch of mixed-use property development One on Whitely, the fourth residential phase of Melrose Arch, earlier this month.

“Pam Golding Properties is honoured to be marketing this new residential phase of Melrose Arch, which is being developed by property development company Amdec,” he said.

The total value of the residential units is R40-million and will be ready for occupation by July next year.

The apartments are priced from R2.69-million for a one-bedroom 60 m2 apartment to R6.48-mil- lion for a two bedroom 136 m2 apartment.

Golding noted that homes in the Melrose Arch precinct remain popular, as the development is iconic and offers a sophisticated, exclusive and convenient high street café lifestyle.

In addition, he noted, there were only a limited number of residential properties available in the development.

“One on Whitely is, therefore, a timeous and welcome development that will assist in meeting the ongoing demand for residential property within Melrose Arch and for innovative, sophisti-cated urban lifestyle spaces in Gauteng,” he said.

Pam Golding Properties Melrose Arch development manager Peet Strauss said that a range of exclusive upmarket accommodation with quality finishes have been made available at One on Whitely through Pam Golding Properties.

“Melrose Arch is centrally situated and conveniently close to Sandton, the business capital of South Africa. This makes it a popular location for professionals looking to live in a secure development that feels like a European city with a vibrant street culture,” Strauss noted, and added that a number of investors, including local and international executives and professionals, had already bought units.

He cited that a number of investors had also indicated their intention to purchase apartments for the purposes of letting them.

He noted that the first three residential phases at Melrose Arch have achieved a gross rental yield of 12%, with ongoing demand being experienced from multinational companies looking for luxury accommodation close to Sandton for employees.

Strauss said that good capital growth on invest-ment is always expected at Melrose Arch and likely to be in the region of at least 5% over the next two years.

“The first phase at Melrose Arch, which sold between 2004 and 2005, was marketed for R19 500/m2, while the second phase, which sold between 2006 and 2007, was marketed for R24 000/m2. The third phase, which was sold in 2012, was marketed at R38 000/m2 and the most recent phase is being marketed at between R45 000/m2 and R48 000/m2,” he explained.

Strauss pointed out that an increasing number of blue chip companies are based in the development, including chemicals company DuPont, platinum miner Lonmin, airline British Airways and mining company Royal Bafokeng Holdings.

He said that this, and the fact that Melrose Arch is home to two internationally renowned hotels and a host of restaurants, has seen the precinct become a sought after location in Johannesburg from which to conduct business.

“In addition, everything residents need, including entertainment, doctors, dentists, gyms, a nursery school, commercial outlets and offices are all within easy walking distance,” he said.

One on Whitely will be equipped with air conditioning in all apartments and a management system to monitor costs and reduce carbon emissions. To mitigate the effects of possible load-shedding and power outages, a full electricity backup system is also being installed.

Melrose Arch is situated on all major bus routes, while the Gautrain bus travels through the development every fifteen minutes during peak hours. The area is a central point in Johannesburg, adjacent to the N1 highway and offers easy access to the University of the Witwatersrand.

Strauss stated that one of the most exciting aspects of Melrose Arch is that considerably more development within the precinct is either planned or under way. The precinct currently comprises 225 000 m2 of mixed-use development. A further 375 000 m2 has been earmarked for future phases.

The precinct will generate an ultimate capital asset value in excess of R16.5-billion.