Afro Property: Forty on Oak – Brand New Luxury Apartment Block in Melrose Arch

Written by Elka Schaimberg
Friday, 19 August 2011 15:48

Johannesburg’s iconic Melrose Arch mixed-use development recently launched the third phase of its residential component. The upmarket 59-unit, five -storey apartment block marketed by the Pam Golding Property Group is attracting strong buyer interest. Nearly 50 percent of the apartments on offer are already either reserved or sold. In fact, figures show R220 million in pre-sales alone, with two of the five penthouse units already sold at R25.5 million each.

Construction of the R400 million luxury apartment block, Forty on Oak, is under way on a site adjacent to the Protea Fire & Ice Hotel. The apartments range from 95m2 one-bedroom units to 860m2 four-bedroom penthouses, which range in price from R3.5 million to R25.5 million. The bulk of the apartments are two-bedroom units, although there are some exceptional two bedroom-plus-study units as well as three-bedroom units that will also be available.
 

The sleek ultra-modern design and superb finishes and amenities offer sophistication at its finest and comfort all the way. The contemporary look of the building itself is timeless, and the functional use of space involves the inclusion of a central courtyard with raised decks and stairs that lead into a garden with walkways, creating space, tranquillity and privacy. Forty on Oak is indeed ready to set new standards in gracious apartment living.

The five penthouse units are equipped with exceptional lifestyle features, including fully equipped kitchens with all modern conveniences, plunge pools and jacuzzis, rooftop gardens, entertainment areas and bars, cinema rooms and under-floor heating.
 

“Melrose Arch is widely acclaimed – both at home and abroad – as the most exciting mixed-use development in South Africa. Its cosmopolitan vibrancy and rich diversity of high-street living (including its close proximity to the Gautrain and its unique mix of offices, shops, restaurants, clubs and hotels) is unmatched in the inland residential property market in South Africa,” says Dr Andrew Golding, CE of the Pam Golding Property Group.

Following the success of the first two phases in the residential component of Melrose Arch, with 113 luxury apartments sold at a total value of R333 million, the third phase saw sales on the go even prior to its official launch. Like its predecessors, phase three is attracting interest from foreign buyers, local corporations, well-heeled empty nesters, successful young professionals and the inevitable top-end, buy-to-let investors – all of whom are generally uncompromising about the high level of security and quality they seek.  

 

From an investment perspective, Peet Strauss, manager of the Melrose Arch office of the Pam Golding Property Group, says a furnished R4.5 million two-bedroom unit can achieve rentals of approximately R32 000 to R35 000 a month, which represents a gross yield in the region of eight percent. Coupled with this, over the next two years annual capital growth of about five percent is expected. When completed in 2012, the new phase three will bring the total number of residential units to 172.

“Melrose Arch is an iconic concept in which property performance generally has been remarkable despite a challenging economy. A vibrant and cosmopolitan world-class development, the luxury apartments offer discerning local and overseas investors opportunities to achieve both sound capital growth and good returns on buy-to-let options,” says Strauss, adding that Melrose Arch is internationally recognised for setting high standards and driving innovative, mixed-use development – for which it is a widely acknowledged model.

“The balanced mix of residences, offices, shops, restaurants and hotels creates a high-street lifestyle in an appealing, lively and secure environment – providing key elements that attract buyers. The fact that Melrose Arch has a retail consumer base of 100 000 people within a 5km radius further enhances its appeal and strengthens its foundation for continued success,” adds Strauss.

This exciting new development is officially set for success and will no doubt add to the exceptional expression of modern spaces achieved by Melrose Arch.  
 

For further information contact Peet Strauss of Pam Golding Properties on 011 6842996 or email pstrauss@pamgolding.co.za.