Johannesburg's answer to London's Canary Wharf – “The Lincoln” introduces a new level in stylish urban living.

“The Lincoln” at Melrose Arch comprises elegant apartments, luxury penthouses and roof-top gardens. A joint venture between the Melrose Arch Development Company and Kirchmann Hurry Projects, “The Lincoln” guarantees owners 10% rental income of the gross purchase price for one year after completion.

Construction of “The Lincoln” will commence in January 2007 and is due for completion the beginning of January 2008 with the rental guarantee offering protection until January 2009.



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Canary Wharf? how so? rather nice looking tho

Canary Wharf? how so?

Who knows? Dunno why it just can't be Joburg's answer to Joburg.

in a fantasy world i'd be living in one of these.... my office is only about 200m away....!!

Property24.com

2007/05/04

Buyers who purchased apartments and penthouses off-plan in the swanky Melrose Arch development 'The Lincoln' in the northern suburbs of Johannesburg were told last week that their contracts have been cancelled.

The 85 luxury sectional-title units were launched some 18 months ago with great fanfare at prices ranging between R2,5 and R5m. Investors were offered a guaranteed 10% rental income of the gross purchase price for the first year after completion. Construction was due to start earlier this year.

The project, which was marketed as Johannesburg's answer to London's Canary Wharf, was going to be a joint venture between the Melrose Arch Development Company and Kirchmann Hurry Projects.

Buyers are understandably peeved that The Lincoln won't go ahead, as many will have to re-enter the market elsewhere, probably at a higher price than what they signed up for 12 or 18 months ago at The Lincoln.

Nicholas Stopforth, development director of the Melrose Arch Development Company, says construction on The Lincoln has been halted because the pre-sales target of 80% had not been achieved.

Stopforth says the project will be ``re-engineered and re-designed' to create a mixed-use product that will comprise a residential, retail and commercial component. He says the apartments will probably be smaller and cheaper than those initially offered at The Lincoln.

Stopforth insists that investors who bought units off-plan will not be compromised. These buyers will have the first right to purchase into the re-designed development when units are brought to market within the next six to eight weeks, says Stopforth.

However, industry commentators believe that The Lincoln has been hit by cost problems, not unlike a few other residential developments that were canned in Sandton not so long ago.

Peet Strauss, project co-ordinator for Pam Golding Properties at Melrose Arch, says though demand for the live, work and play lifestyle offered by Melrose Arch remains strong, there's no doubt that rapidly rising building costs is making it less viable to bring new residential stock to the market.

Strauss says what has happened at The Lincoln is not unique to Melrose Arch but rather indicative of how difficult it has become for residential developers across SA to operate profitably. - Joan Muller

I blame the rising construction costs, the builders have all the cards in their hands and are raising prices and the developers can do nothing about it. This is the reason many new devs in Sandton have been cancelled. The prices just do not justify any satisfiable return..

Anyway not to worry, tons of construction going on at melrose, drive past their 2-3 days a week and everytime it changes..

^^ Yup, true dat. I'm sure they'll redesign it soon and pitch it at another level. The retail and commercial element would certainly back it up!

Thanks for posting the article Mosi, as much as tho it makes me a sad bum.

Currently 7cranes at melrose, buildings between 4f and 9f - if seen from highway. Sad about the dead dodo, but something cooler will replace it. The market for high-income, luxury flats are very volatile.

they seem to have misread the people wanting to live melrose arch. i personally believe that the smaller 2bed units is the market. those are easy to rent and will get good returns. most people with kids would have little reason to get a 3 bed at those prices in melrose arch when the environment is not necessisarily conducive to them.

anybody got info on "The Nichol" I got an offer for a unit, I heard its a nice looking complex.

The Nichol? mmm, interesting relaunch... If it is anything like the Lincoln (nichol) you will have panoramic views of the M1, a large open grassy garden and no roof...

I'm not sure its this one but there are about 2 other buildings under construction at Melrose Arch.