Pareto Limited, the proud owner of Menlyn Park Shopping Centre, with Divercity Property Group, South Africa’s leading investor in specialist rental housing precincts, today broke ground on the significant R850 million residential re-development of Menlyn Office Park. The project commencement follows a highly competitive request-for-proposals process in which Pareto selected Divercity as its residential development partner.
Located immediately adjacent to Menlyn Park Shopping Centre – the award-winning super regional shopping centre situated in the fast-developing Menlyn node in the City of Tshwane – the redevelopment will introduce 1,200 residential apartments into the heart of the popular and growing Menlyn node.
The project includes developing 460 new residential apartments through office-to-residential conversions of the existing three- and four-storey buildings, alongside 740 new apartments to be delivered across four newly constructed buildings, planned at heights of up to 10 storeys.
Malose Kekana, Group Chief Executive Officer of Pareto, says, “This development signals our commitment to shaping the next chapter of the Menlyn precinct. By introducing high-quality residential options next to one of South Africa’s premier malls, we are creating a vibrant, connected node that reflects how people increasingly want to live, work and spend their time.”
Carel Kleynhans, Chief Executive Officer of Divercity adds, “We are thrilled to begin this new relationship with Pareto with such a meaningful and exciting project.”
The Menlyn node has grown from strength to strength in recent years, driven by the continued success of Menlyn Park Shopping Centre and the growth of nearby Menlyn Maine, leading to rising demand for well-located, mixed-use residential opportunities.
The new apartments will sit within the lush, green, tree-rich environment of the park, and benefit from extensive neighbourhood amenities all seamlessly linked within walking distance, including more than 400 stores, services and restaurants at Menlyn Park Shopping Centre.
Divercity and Pareto will co-design the residential precinct and co-own it on a 50/50 basis upon completion with Divercity providing residential property management services through its subsidiary Ithemba Property Management. The conversions and new builds will progress simultaneously, with the first units scheduled for delivery in 2027.
