The development – which is already under construction on the corner of Maxwell and Woodmead Drive in Sunninghill, Johannesburg – is envisaged to become 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, Regional Executive, Gauteng, 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 that this new development will not buck this well-established success trend," Reynolds explains.
The 9132m² Waterfall Corner Retail Centre is scheduled for completion in March 2014. 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. This new centre is not only a solid investment in South Africa's vital retail property sector, but also presents opportunities for the communities in and around the development area to enhance their lifestyles while adding real value to their own residential properties," concludes Reynolds.
Nedbank Corporate Property Finance specialises in financing commercial, industrial, retail and residential development property offering loan funding to developers, owners, occupiers and investors. Tailor-made financial solutions include access to undrawn funds, interest-only periods, fixed and floating interest rates, flexible repayments and residual value transactions.
The division's approach involves carefully matching the specific needs of the particular client and business with the skills and experience of professional property consultants. Working closely with clients on a hands-on basis, the consultants are able to provide financial solutions that anticipate and fulfil the requirement for growth and expansion.
In broadening relationships with their clients, Nedbank Corporate Property Finance offers a partnership facility, either through joint ventures or minority equity investments. Specifically, the Property Partner division seeks to identify sound commercial, industrial and retail property development projects requiring additional capital.
The bank has recently received the following accolades:
- Awarded South African Bank of the Year 2011 by The Banker Magazine
- Announced the Best Bank in South African at the 2012 Euromoney Awards for Excellence
- Nedbank’s Chief Economist, Dennis Dykes, was awarded two excellent industry accolades. He was named the 2011 Sake24 Economist of the Year, beating 34 of his peers by delivering the most accurate economic predictions last year. He also took the award for 2012 Thomson Reuters Economist of the Year for being the best forecaster of the repo rate.
- Award for Environmental Sustainability in Africa at the 2012 African Business Awards
