.NET 4.5.1 App in Visual Studio 2012 not Working

Hi, when I try to run an ASP.NET MVC 5.1 application (with .NET 4.5.1) in Visual Studio 2012 I get the following dialog appear:

When I choose to download .NET 4.5.1 I get the error:

Please note that I have installed the new update:

http://blogs.msdn.com/b/webdev/archive/2014/01/20/announcing-the-release-of-asp-net-mvc-5-1-asp-net-web-api-2-1-and-asp-net-web-pages-3-1.aspx

I have also tried removing all existing updates and doing a repair on Visual Studio 2012 and then re-installing the updates the problem persists.

I'd appreciate the help as I'm unable to do any work until I solve this issue.

Thanks