While the scale on which it operates is exponentially larger, and the numbers often eye-watering, there are plenty of parallels between the US and South African property markets. It bodes well for the longevity and global reach of the local market, even though the current economic climate poses significant challenges.
In both the US and South Africa, property developers are having to respond to the needs and demands of younger generations who are committed to steering clear of a daily commute, whose workspaces are shared and anything but stationery, and who prefer to have everything either on their doorstep, or available on the go.
The mixed-use property model accommodates all of this, and does so consistently and sustainably. It’s walkable and convenient, there are various work spaces to choose from, it includes sought-after leisure and lifestyle options and there is plenty of opportunity for social engagement, contributing to that sense of connectedness and community that we all crave. It puts a healthy, balanced and socially engaged lifestyle within reach of everyone who lives, works or spends time there.
The Amdec Group’s Melrose Arch precinct is one of the best showcases locally, of the success of this formula, which has gained such widespread traction in the US, with projects like Water Street in Tampa, Florida (pictured above). Like the Amdec Group, property developers and city planners in the States are having to come up with innovative solutions to the population pressure on cities as urbanisation accelerates. It stands to reason that making more efficient use of space by way of bringing together multiple types of property within a centralised, well-located development, creates the space and sense of place that will draw people in, and deliver the high quality of life that they desire.
Of course, none of this is possible without close attention being paid to the bottom line, and here too the mixed-use model has proven exceptionally robust. Not only does it offer developers and tenants financial viability over time, but it also represents what’s been dubbed the “stronger-together, recession-resistant formula”. This applies not only to companies and small businesses but also to investors because not only can they diversify their portfolios by buying property here, but they are also protecting themselves against drops in the market.
In a mixed-use setup, the different types of property benefit from the proximity of the others, for example health clubs, restaurants, bars and clothing or grocery stores co-exist successfully because they draw in people at varying times, so that more time is cumulatively being spent there.
Residents of residential developments such as One on Whiteley within Melrose Arch, are in the pound seats to get the best that this lifestyle has to offer and to keep doing so over time. Because the Amdec Group will be adding three more developments to the Whiteley precinct, aimed at addressing the demands of a new generation with innovative and convenient places to live, work and play.
For more information, please call 021 702 3200 or visit www.oneonwhiteley.co.za.
