5 CLUSTER UNIT, REDEVELOPMENT OPPORTUNITY - MELROSE
The Development offers 5 spacious, single-storey cluster homes with cottages, set on individual Erven as well as an additional Erf (262) which is a former portion of Jellicoe road reserve, currently utilised for access, parking and landscaping purposes. The clusters are in well maintained condition and are fully let. There is also additional income generated from advertising with faces directly onto the busy Oxford Road. Access is currently on Jellicoe Lane a left turn off of Tottenham Avenue. The combined Erf size offers approximately 4, 083sqm of land, of which a portion has servitude for Oxford Road and the Gautrain Railway tunnel. The site has already been earmarked for high-density re-development and is the only site available to the east of Oxford Road for an ultra-high density residential development.
The subject property is located in Melrose on the east bank of Oxford Road, the primary transport thoroughfare between Sandton CBD and Rosebank CBD. Rosebank is a cosmopolitan commercial and residential node situated north of central Johannesburg. The area is an exclusive and highly sought after business node home to numerous blue chips companies such as Standard Bank, Total SA, Fluxmans, Allan Gray, and others. The construction of the Rosebank Gautrain station, which is located just 300m south of the subject property, has provided accessibility to the area by means of a world-class public transport initiative. The implementation of the RUDF (2008) has resulted in renewed interest from the private sector with reference to development opportunities and the resultant intensification of land-uses as earmarked by the RUDF. The subject property forms part of the Rosebank urban development framework area proposed for high intensity mixed use development. Numerous corporate property funds/developers such as Growthpoint, Redefine, and Barrows have significant investment in the area. Old Mutual has embarked on the re-vitalisation of The Zone development (inclusive of the Holiday Inn Hotel) making the area exciting space for developers with massive investment potential.
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