Mixed-used development for Pretoria

Posted On Wednesday, 29 October 2008 02:00 Published by
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A multibillion-rand mixed use development is to be built in Pretoria’s eastern suburbs.

A multibillion-rand mixed use development is to be built in Pretoria’s eastern suburbs.

The Menlyn Maine City Precinct will be situated just off the N1 highway, next to Menlyn Park’s established business and retail node.

It will consist of retail, restaurant, residential and hotel components.

This 23 000m² development is expected to boost the city’s economy and have a positive effect on the infrastructure and road network in the area.

The developers include Ice Finance, Equity Estates, GP Property Investment Holdings, Nedbank and Absa Bank.

They have already committed to a R76m feeder road network upgrade, which is under construction, and a further R45m for the building of a new electrical substation in the precinct.

The developers say they intend Menlyn Maine to become SA’s ultimate “green-connected city”, which will be the first of its kind in Africa. It will not only attract corporate interest from the region, but from the country and the continent.

Anton van Wyk, MD of Ice Finance, says the “city” will be connected not only by the IT infrastructure, which will include Wi-Fi connectivity throughout the grounds, but will also seek to connect the people who work, live and play in the development.

“Serviced by an ethernet metropolitan network, a wealth of ICT and broadband initiatives will be on offer at Menlyn Maine. Anything from instant networking to wireless broadband services will be at everyone’s fingertips within the precinct.”

He says although they have not started marketing the development to prospective buyers and tenants, the interest will probably come from government departments, organisations such as the World Bank and financial services companies. The development is said to incorporate cutting-edge security technology that does not prohibit movement.

Number plate-recognition technology as well as hi-tech camera systems will safeguard the precinct, allowing a culture where walking between, office, home and shops will be the norm.

Van Wyk says the estimated total cost of the development is R7bn. He says the project will be completed in two phases, with the hotel component consisting of two “upper four-star” hotels and the residential component marketed to people looking to buy in the R2,5m bracket.

“There is real demand for residential units in mixed-use developments,” says Van Wyk.

He says that these have become popular because people enjoy an environment where they can live, work and play.

“Because of the green building design and its green city management structures, Menlyn Maine will be environmentally friendly, which, according to studies, will enable businesses substantial savings in water and energy use, increased productivity and a reduction in absenteeism.”

He says that constructing a green building was the idea right from the start.

Their team travelled numerous times to Chinese cities to study and understand the work involved in building green.

Construction on the mixed use development will begin in January next year, with the first commercial sites due for completion in late 2010.

Source: Business Day


Publisher: I-Net Bridge
Source: I-Net Bridge

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