Odyssey Developments holds a 66.5% stake in Irene Land Corporation (Pty) Ltd (ILC), and intends to develop the 147 hectares of land in Irene owned by the corporation.

The land is earmarked for the construction of between 500,000 m² and 800,000 m² of mixed use developments over the next five to ten years, at an estimated value of between R2.5 and R5 billion.  Development will include commercial, residential, light industrial and retail properties.

The land, situated in the southern Tshwane Metropolitan area around the Nellmapius Road interchange on the R21 freeway, is flanked by the Route 21 Corporate Park to the north-east, Irene Farm Villages to the west and Irene Shopping Mall to the north-west.

The land has exceptional accessibility from regional and local roads, with OR Tambo Airport approximately 20 minutes away on the R21.  It is also two kilometres from the proposed Gautrain Johannesburg/Pretoria rail line.

Brian Roberts, divisional director of the Gauteng division of Nedbank Corporate Property Finance says, “Rolf Frolich and Alex Morrison have been key property clients of Nedbank for some time and we are very excited about the opportunity to realise the potential of this exceptional tract of land in partnership with them.  Everything about this development is positive – its accessibility to major transport systems, its proximity to both Johannesburg and Pretoria, the demand for all types of property in the area.  In addition, the Irene Shopping Mall has exceeded all expectations in terms of foot traffic and a second phase is already being planned.”

Alex Morrison, managing director of Odyssey Developments and Irene Land Corporation, and driver of the project for the past five years says, “Given the magnitude and potential of the proposed mix-use developments envisaged, we were ecstatic when Nedbank indicated their interest in acquiring a stake in Odyssey and take great comfort in having such a strong partner.  The acquisition by Nedbank gives a seal of approval to the vision that we have for the future of our land holdings in Irene.”

Odyssey Developments was established in 1996 with a focus on property in the Sunninghill business node and Irene, Pretoria. Over the past four years, Odyssey and ILC completed Phase I of the Route 21 Corporate Park, and are about to launch Phase II of the Corporate Park. 

Also completed is the residential development known as Irene Farm Village, comprising 700 upmarket residential stands.  A development of a further 42 stands in a small adjacent residential development has been launched with 85% pre-sales concluded.

Odyssey and ILC sold 10 hectares of land to one of its partners within ILC, Retail Africa – a well established and highly successful retail developer – to develop the Irene Shopping Mall.  The first phase of the mall is trading, comprising 30,000 m² of retail space, and is anchored by Woolworths, Pick ‘n Pay and Truworths.  A second phase is currently being planned, which will take the Mall to approximately 54,000 m² of retail space, including cinemas.