Only 60 percent of the Melrose Arch site has been developed so far.

Melrose Arch developer, Amdec, is keen to start rolling out the final phase of the master development plan, in which another 160 000m² of approved bulk rights will be developed.

This announcement follows a lucrative transaction in which Cape-based Amdec became the sole owner of this mixed-use Johannesburg development and shopping destination, which is equally popular with Gauteng residents and tourists.

Amdec initially acquired a 50 percent stake in Melrose Arch in July 2005. Amdec was also appointed development manager and it has been accredited with ensuring that Melrose Arch is now regarded as one of South Africa’s biggest property assets valued at R4.5 billion – with only 60 percent of the development complete.

The final phase at Melrose Arch will entail an additional 42 000m² of retail space, 60 000m² of office space, two new hotels and more residential units being added to the existing development.

“With penthouses selling fast in what will become Melrose Arch’s third residential phase at more than double the previous sales record fetched for the current precinct, it’s evident that Melrose Arch is becoming one of Gauteng’s most desired addresses,” says Amdec chief executive, James Wilson.

“The future residential phases are also set to attract a broader market to include young professionals as these phases will introduce bachelor, one and two bedroom apartments.”

He says construction on the extension to the existing retail centre will start later this year, and when it opens more traders will open their doors at Melrose Arch. These include Pick ‘n Pay, cinemas and another Virgin Active Gym.

“Even though the 38 000m² Piazza retail offering opened in mid-recession in April 2009, retailers are clearly pleased with its performance as it recorded a 40 percent growth in sales turnover for the year ending March 2011. Current retailers are also expanding their existing shops, such as Edcon, which has just opened a 500m² Boardmans store next to the Edgars store.