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Melrose Arch is hottest property
Date published 29 October 2008
Several brokers recently gave an update on which landlords are achieving the highest office rentals.
Sandton has long been the best location for business. Now Melrose Arch, which offers a "work, play and live" approach, has established itself as the new "to-be-seen-at" place in Johannesburg.
Owned by Southern Palace and Amdec Property Development, the upmarket development is set to achieve gross rentals of R200/m2. According to Mark Uhlmann, Amdec sales manager, the new offices to be completed in 2009 at the Piazza are being brought to the market at an ideal time to respond to strong demand and constrained availability.
He added that Melrose Arch was well-positioned to meet the demand for this prime rental area.
According to a report by Broll, Melrose and Waverly are fetching R150/m2 for office rentalswith Sandton and Morningside in second spotwith rentals of R125m2..
Melrose Arch is "the new darling of Johannesburg property", according to the report. It is conveniently located - close to the financial districts of Sandton, and Rosebank, both of which are undergoing renovations. The Gautrain station has fuelled redevelopments and upgrades.
An estimated 50 000m2 of new office space is being planned for Rosebank.
Mark Bradford from Bradford McCormack said the new offices at Melrose Arch were perfectly timed to take advantage of universal demand trends.
Because it was located en route to Sandton and Rosebank nodes, offices workers at Melrose would find it easy to commute to and from Rosebank and Sandton during the course of the day.
"Triple A-Grade office space in all of the country's prime commerical nodes is in short supply", added Bradford.
Author: Denise Mhlanga - Citizen
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