Retail mall under construction in Sunninghill

Posted On Wednesday, 31 July 2013 14:55 Published by Commercial Property News
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Nedbank Corporate Property Finance has concluded a loan agreement worth R144m with Atterbury for the development of the Waterfall Corner Retail Centre.

Waterfall Corner Retail CentreThe development, under construction on the corner of Maxwell and Woodmead Drive in Sunninghill, Sandton, is envisaged as a prime neighbourhood retail centre servicing the fast-growing, upper-income residential communities and commercial developments in the greater Woodmead area.

According to Ken Reynolds, Gauteng regional executive for Nedbank Corporate Property Finance, the decision to approve the finance application was based on the bank’s relationship with, and trust in, Atterbury and its sound understanding of the industry.

"Atterbury has a well established history of successfully developing and managing A-grade properties that generate quality rental incomes and sustainable capital growth for its shareholders.

In addition, the fact that Checkers, Woolworths and Clicks have already signed 10-year leases as key anchor tenants for Waterfall Corner strengthens our confidence this new development will not buck this well established success trend," he explains.

The 9,132m² Waterfall Corner Retail Centre is scheduled for completion in March next year. The highly visible location of the centre within an established residential growth node means Waterfall Corner not only enjoys excellent short-term success prospects, but also the potential for medium-to long-term sustainable growth.

"Nedbank Corporate Property Finance’s funding and support of the Waterfall Corner Retail Centre is another good example of the bank actively engaging with its clients and communities to deliver sustainable opportunities that benefit both," says Mr Reynolds.

 

Last modified on Wednesday, 31 July 2013 15:11

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