The latest happenings in the property market in Menlyn, according to local property experts.
How has the area developed over the past five years?
There is a tremendous amount of commercial development taking place in the areas surrounding Menlyn Mall, inclusive of the Menlyn Maine development. All neighbouring suburbs are in high demand as a result of the job opportunities created here. Menlyn Maine is set to become Africa’s first green city and will include commercial, retail and shopping space, a gym, residential apartments, a hotel, an entertainment complex and scenic parklands. Homeowners here are asking more for their properties than what they are worth, but are getting away with it because it seems that potential buyers have jumped on the same train and are realising the value of investing in these.
What is currently happening in the market in the area?
Menlyn is expanding at a rapid rate with lots of investors looking to make investments in this vibrant area. The area provides a promising future for investors, owners and tenants offering large amounts of property to let and for sale in Menlyn, anywhere from a small apartment to a family home. Another contributing factor to the success of Menlyn is the closeness to all amenities and surrounding areas. Menlyn’s distance to shopping centres such as Menlyn Park or Menlyn Maine, hospitals, leisure and recreational venues, ensures convenience. The new Menlyn Maine shopping centre adds a lot of value to the surrounding properties, such as those in Lynnwood Glen.
What attracts buyers to Menlyn?
Menlyn used to be associated with Menlyn Park Mall mainly, while its residential area was largely unknown. Menlyn is, however, changing dramatically into the Sandton of Pretoria due to its excellent location just off the N1 between Atterbury and Garsfontein roads and in-between Pretoria’s Old and New Easts. Improvements like the Melrose Arch-style development called Menlyn Maine will marry apartments, shopping areas, a casino and business area into a fashionable district. Additional developments include Menlyn Towers, a 20-storey Michelangelo Hotel look-alike, and several high-rise residential and office buildings. Once refurbishments are completed to Menlyn Park Mall, it will once again be the largest mall in South Africa.
This article originally appeared in Neighbourhood, Sunday Times.