The six-storey Milpark Mews apartment block, the largest residential building of its kind to go up in the area, will consist of a combination of loft apartments, two-bedroom and bachelor flats. It is aimed at students, young business executives and firsttime buyers.

The building will be attached to a retail centre, the tenant mix of which is still being negotiated, but it is expected to include supermarkets, convenience stores, and a gym .

It is located opposite 44 Stanley, a centre that includes retail outlets and popular night club the Color Bar.

David Green, MD of Pace Properties, the marketers of the apartment block, says that of the 314 units that will be available on completion of the project, 100 units were sold within four hours of its launch on Sunday.

He says building will start in March and that the project will be completed in December next year at a cost of about R80m. Green says that among the buyers were investment buyers and owner/occupiers.

He says most investors bought to focus on the burgeoning student population that attend Rand Afrikaans University 's Auckland Park campus and the Technikon of the Witwaterstrand . "We (also) had a lot of office workers buying units, as well as middle management because you have the SABC and Absa Call Centre (nearby). You also have Auto & General and many of their employees bought," says Green.

He says Milpark is becoming "very trendy" and desirable for first-time home owners as the units range from R295000 to R1m. Green says this represents the lowest entry level for prospective purchasers to buy accommodation in the inner city.

The block is not far from the Newtown precinct, where regeneration is moving ahead.

Green says they expect to sell out the units in January when students return for classes.