The developer of high-end, mixed-use precinct Melrose Arch, Amdec, says it will take between five and 10 years to complete Harbour Arch as it looks to replicate its flagship asset’s success in Cape Town.
Melrose Arch, the construction of which began in 2005, is 75% owned by Melrose Arch Investment Holdings, with the balance co-owned by the Liberty Group and Liberty Two Degrees.
MD Nicholas Stopforth said Amdec has completed the first of seven tower blocks in what will eventually be a R10bn investment, which will comprise about 220,000m² of lettable space.
“This is our largest development in Cape Town and we are very excited about it. We completed the first tower towards the end of last year. We will begin work on the second in February then will gradually roll out the others,” he said.
Stopforth said Harbour Arch — which will include hundreds of apartments, office space, car dealerships and a retail portion — is located at the gateway of Cape Town’s CBD, which was in dire need of a mixed-use development of this size.
“Melrose Arch has been highly successful for us and is about two-thirds complete. We would like to replicate that success with Harbour Arch, which will use a slightly different model. It is well known that developments in Cape Town are constrained by geographical aspects but Harbour Arch lies on one of the best sites, at the confluence of the N1 and N2 highways, making it highly visible to anyone arriving in the city,” Stopforth said.
“This location will also provide quick and easy vehicular access to the airport, the southern suburbs, the northern suburbs, the Atlantic seaboard and the winelands.”
Stopforth said Amdec preferred to develop mixed use developments as more people were opting for centralised living, often working and living in the same precinct. As result the company built largely high-end apartments and hotels in Melrose Arch and will do the same at Harbour Arch.
“As more and more people desire central living, with a range of amenities and minimal travel time, property companies must meet the demand with modern spaces that offer a range of benefits. This is where mixed-use developments come in. These developments are springing up in major cities worldwide.”
Harbour Arch will include two Marriott International-branded hotels.
This article was first published by Businesslive.co.za on the 8th January 2019.