In what is likely to be the most ambitious property development yet undertaken in SA, Atterbury Property has acquired the exclusive development rights to create a mixed-use precinct at least twice the size of Cape Town's Century City on the northern outskirts of Johannesburg.
That follows the successful conclusion of a deal between Atterbury and the Mia family, who owns the massive tract of land that stretches from the Buccleuch interchange between the N1, M3 and N3 to the Allandale interchange in Midrand.
The development potential of the precinct, which will be known as Waterfall Development, is believed to be worth at least R10bn. Atterbury CEO Louis van der Watt describes the deal as Atterbury's ``most significant transaction since its inception in 1994``.
Atterbury is one of SA's biggest private property developers and owners. The group is known in particular for its innovation on the retail development front and owns large, regional shopping centres including Garden Route Mall in George, Centurion Mall in Pretoria and Clearwater Mall on Johannesburg's west rand.
The Waterfall Development, for which Atterbury acquired the rights to develop in excess of 1.4 sq m of office, retail and light industrial space, will effectively close the gap between Midrand, Woodmead, Sunninghill and Buccluech. At 2 200 ha, this area is roughly the size of the northern Johannesburg suburb of Bryanston.
Atterbury is not disclosing the value of the transaction, except to say that in return for the development rights, the Mia consortium, a Muslim family who has owned the land since 1934, became a 22% shareholder in Atterbury Investment Holdings. The latter is Atterbury's unlisted property fund with assets exceeding R4.5bn.
Future plans for the Waterfall Development include: 1 455 000 sq m (GLA) of retail, commercial, office, light industrial and warehouse development; more than 10 000 residential units/apartments; hotels; health clubs; schools and a service yard for the Gautrain.
Van der Watt says that the residential component of the development will comprise various types of housing options, from luxury equestrian and eco estates to middle-income and affordable housing projects. Residential developments aimed at retirees will also be included in the precinct. – By Joan Muller
Related articles
What's your home worth?
Want to know what the average home price is in your area? Visit Property Reports and get the latest report on transfers and price movements in your street, suburb or sectional title scheme.
Property News
Click here for more property news articles.
Need a blog?
Start your own blog with a free blog from 24.com.
Print
