Real Estate Investor Magazine South Africa October/ November 2019 | Page 47

I
n urban areas, different types of properties evolve at
varying rates. Coffee shops and small eateries might
spring up in a run-down area before the appearance of
shared workspaces. Studio apartments might be drawing
in more people and leading to round-the-clock activity
where once there were desolate areas after dark. Or, per-
haps start-ups and entrepreneurs might emerge initially,
followed by eateries and cafés, thereafter shops and ac-
commodation. There is no set sequence, but the property
mix is ultimately usually similar: commercial (office), retail
(shops) and residential (apartments).
Whether economically or through legislation, local
authorities and city planners can do only so much to address
urban decay by supporting renewal. Ultimately, areas will
go through peaks and troughs at their own pace and the
unfortunate reality is that more often than not, growth and
regeneration cannot be sustained as tastes change and
trends move on.
However, there are areas within modern cities where
conditions are more favourable for prolonged prosperity
and where property and lifestyle trends can be more
closely aligned. These areas continue drawing people in,
versus falling out of favour over time. These are mixed-use
developments, where different types of property co-exist
and each can thrive thanks to the connection and integration
of uses with the others. No matter the size, the boundaries of
these precincts are fixed and daily operations are centralised,
bringing all-round benefits – chief among them security and
convenience.
“If a mixed-use development is planned and managed
well, it has the capability to move with the times. Through
ongoing evolution, it can renew and reinvent itself, remaining
relevant and sought after,” says Nicholas Stopforth, Managing
Director of Amdec Property Developments.
Amdec Property owns and operates Melrose Arch in
Johannesburg. They acquired the property in 2005, long
before the mixed-use concept was as prevalent as it is today.
In the interceding years, they’ve managed to turn it into the
popular, thriving mixed-use precinct that it is today.
“In an era where time is scarce and crime is a concern, the
mixed-use concept has a lot to offer, not least because it can
keep evolving,” Stopforth continues.
Mixed-use developments could change the way we live
and positively impact our lifestyle because they have the
potential to become communities in and of themselves. If you
live and work here, you get to know the other people who
live and work here too. This leads to social connectedness,
which in turn improves quality of life, and is known to boost
longevity. If you spend leisure time here, you’re likely to get to
know other people who do the same. And so, these positive
cycles are perpetuated and eventually become the norm.
Melrose Arch is a prime example of the mixed-use
property model. Over time, the initial investment has
shown exceptional growth. Today, Melrose Arch comprises
200,000m2 of mixed-use property, with an additional
350,000m2 in the planning phases.
Along with a large component of commercial office
property on-site, the development also includes dozens
of bars, restaurants and coffee shops. More than 100 top
retailers, ranging from major national and international
brands, to small, independent stores, call Melrose Arch home.
With three more apartment blocks in the offing, and
construction commencing on commercial office buildings,
Melrose Arch is forging ahead, despite tough economic times.
Melrose Arch is pointing the way to the city of the future.
Gone are the days of urban jungles and faceless crowds.
In future, we could be living, working and relaxing in close
proximity. Spending much less time commuting and stuck in
traffic and more time enjoying the things we love with the
people we care about. Through constant improvement and
progression, mixed-use precincts are reshaping the way we
live, for the better.
SA Real Estate Investor Magazine OCTOBER/NOVEMBER 2019
45