Waterfall Business Estate: 14 years, R25 billion, 1.6 million sqm

Posted On Wednesday, 28 March 2012 02:00 Published by
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A staggering 1,6 million square metres is planned for this mixed-use commercial development - the most ambitious of its kind being undertaken in South Africa

Atterbury Property Group* is spearheading this mega project; their CEO, Louis van der Watt says: “The opportunity to develop this mixed-use commercial precinct in the heart of the fastest growing metropolis on the African continent is an extraordinary legacy.”

The development of Waterfall Business Estate will be market-driven, and roll out over the next 14 years with a total value well over R25 billion. Sceptics will of course question such predictions, particularly given the current demand-supply cycle - which includes other mega developments such as the neighbouring AECI Heartland development in Modderfontein and Cradle City further west. All things being equal, experience tells us that such a time frame can well encapsulate another boom and bust cycle, which then could hypothetically see this prediction come to fruition.

Leading SA property fund Atterbury Investment Holdings (AIH) is the major investor in Waterfall Business Estate, with an 80% stake. “This development is expected to contribute positively to AIH’s growth and performance in the coming decade and beyond,” says Morne Wilken, CEO of AIH.

Waterfall spans land on both sides of the N1 highway, from the Woodmead Interchange through the bustling Buccleuch Interchange to Allandale Interchange. It joins Modderfontein in the east and reaches beyond Kyalami in the west. It enjoys superb access from Pretoria, Sandton and Johannesburg. In fact, it will close the gap between northern Sandton and Midrand, creating a large commercial growth node.

Atterbury Property Development secured the commercial development rights for this prime 330 ha site north of Sandton in 2008 with the Waterfall Islamic Institute, which has owned this land since 1934. The residential component of Waterfall Park is being undertaken by Century Property Development comprising over 1,500 residential units and apartments, rendering it a true mixed-used development.

Atterbury Property Developments Director Coenie Bezuidenhout explains that over the past three years, Waterfall Business Estate has been meticulously planned to position commercial properties for peak functionality, access and visibility. Comprised of nearly a dozen specialist pockets, the estate will span various commercial uses: office, retail, light industrial, distribution, warehousing and showrooms.

“Painstaking attention to detail has ensured a business estate designed for unparalleled quality,” notes Bezuidenhout. “Now the groundwork is in place, we are pleased to enter the next phase of this development”.

In line with the strategic master plan, site services have already been put in place, including electricity. Precinct gatehouses, perimeter walls and internal roads are currently being completed throughout the business estate.

The development masterplan places 200,000sqm of offices on the prime strip along the N1 highway and in Business Centre on Maxwell Drive (see precinct map attached). Light and high-tech industrial property will be in Logistics Precinct, Distribution Campus, Commercial District, Landmark Park and Factory Depot, opposite the Gautrain Maintenance Yard. Retail features in the Lifestyle Estate serving Waterfall’s residential estates near Kyalami.

But perhaps the most innovative feature of Atterbury’s commercial development is the exciting 800,000sqm mixed-use Waterfall City.

The heart of Waterfall, Waterfall City is a dynamic mix of retail, in a 115,000sqm shopping precinct, combined with offices and homes.

Bezuidenhout explains that integration and access are amongst the key benefits of Waterfall Business Estate. “The approximate R800 million SANRAL upgrade of the Allandale intersections means they are now free flow. Atterbury is investing R400 million for approved road upgrades in Waterfalls. Residential developer Century Property Development has made a similar investment.”

Besides road transport, it will be served by rail with a future Gautrain Station, planned next to the existing Gautrain Maintenance yard. It also enjoys superb proximity to OR Tambo International Airport, Midrand’s Grand Central Airport and Lanseria International Airport.

With a long list of advantages, it is little wonder Atterbury’s Waterfall Business Estate is already attracting top businesses and has launched to strong demand. Its first project will break ground with over 50,000sqm of commercial space.

A 30,000sqm distribution centre for Wal-Mart's Massbuild has already broken ground at Waterfall Distribution Campus. It will soon be joined by an 8,000sqm distribution warehouse for Digistics, which services fast food industry companies like KFC and McDonalds. Atterbury is also undertaking a 10,000sqm warehouse development and has completed a prime 4,500sqm office building in Woodmead North Office Park.

* Atterbury Property Development and Atterbury Investment Holdings are part of the Atterbury Group

Publisher: eProp
Source: APG

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