There is an exciting and trailblazing development happening in Gauteng, with a whole new city between Johannesburg and Pretoria, rising out of the ground - and the super-regional Mall of Africa set to open its doors in April 2016.
Waterfall City, the CBD of the Waterfall precinct, is anchored by the R4.1 billion Mall of Africa which will have over 120 000sqm of retail space featuring various top international and South African brands.Attacq’s flagship development is changing the landscape of the province forever, with developments valued at more than R7 billion completed or secured. The 340ha Waterfall development has 1.753 million sqm of developable bulk and is the largest urban concept development in South Africa, with over 175 000sqm already developed.
Attacq Waterfall Investment Company (AWIC) has the development rights with its holding of 81.2% of AWIC, while the balance of 18.8% is owned by Atterbury Property Holdings, the appointed development partner to the Waterfall development.
Waterfall City, the CBD of the Waterfall precinct, is anchored by the R4.1 billion Mall of Africa which will have over 120 000sqm of retail space featuring various top international and South African brands.
This is one of the biggest private sector property projects underway in South Africa at the moment and construction is progressing well with the structure now clearly visible from the highway, says Morne Wilken, CEO of Attacq.
It is strategically located at the Allandale Road interchange and for many will offer a convenient "mall stop on the way home". The precinct straddles the highway with the Waterfall Commercial district on the eastern side and the city on the western side. Major road upgrades are underway with an impressive entrance and new road network taking shape.
Wilken says he definitely thinks the Mall of Africa will attract people from other areas given its central location, with the immediate catchment area having 100 000 households. While it might take some feet away from other malls, he believes there is a "need" for the new mall in the area.
The mall will "spill out into an open park" with the development taking place around it. He says they plan to "get it right so it doesn't die at night" and they want to "do something not in South Africa", so shoppers have much to look forward to.
This is one of the biggest private sector property projects underway in South Africa at the moment and construction is progressing well with the structure now clearly visible from the highway, says Morne Wilken, CEO of Attacq.The 9 000sqm Waterfall Corner and 7 500sqm Lifestyle retail developments have already been completed by Attacq, with tenants such as Virgin Active, Woolworths, Clicks and a variety of restaurants. Waterfall Corner's central piazza area creates a vibrant family-orientated shopping, eating and relaxation destination.
A 149-room City Lodge is also set to open in December 2014 and is the first new hotel the group has developed in South Africa since 2010. While the 4-Star Green Star rated Maxwell Office Park is home Premier Foods as well as Golder & Associates, Cipla, Bakgatla Tshipi, Atterbury and Attacq, with Honda taking up premises later this year.
Wilken says Commercial space throughout the greater Waterfall precinct is being snapped up by national and international corporates including Group 5, Cell C and Novartis, looking to consolidate their offices; while others align themselves with the "essence of Waterfall: convenience, security, green living and quality urban spaces".
Waterfall is not just a bustling construction site, it’s a "buzz of exciting energy" as a new commercial node with the potential of becoming Gauteng’s new CBD, he says. There are around 22 property developments secured, with 11 finished and the balance scheduled for completion over the next 20 months.
Waterfall's prime location is "virtually closing the gap" between northern Sandton and Midrand. Waterfall not only joins Modderfontein in the east and reaches beyond Kyalami in the west but also spans land on both sides of the N1 highway, from the Woodmead Interchange to the Allandale Interchange, says Wilken.
The Cell C head office is the largest property investment to be completed at Waterfall. The 44 200sqm campus was opened in December 2013 and valued at R770 million, with an office component of over 23 300sqm and a 14 000sqm distribution warehouse.
The Group 5 head office, valued at R500 million on completion in January 2014, spans 25 500sqm and is the first building in Waterfall to receive a Green Star SA rating from the Green Building Council of SA. The development secured a 5-Star Green Star SA - Office Design v1 rating and has been submitted for an 'As Built' Green Star SA rating.
Light industrial or logistics related property developments in Waterfall, many of which comprise head offices, include buildings for companies such as MB Technologies, Massmart, Cummins, Covidien, Dräger SA, Westcon Group, Angelshack and Servest.
Netcare Waterfall City Hospital was one of the first buildings and is currently busy with phase 2. An east-west bridge over the highway is in the plans to allow traffic to flow easily across the highway.
Residential developments in the city will likely be apartments, says Wilken.
The broader Waterfall area already has a number of residential property options with equestrian estate stands of 1ha selling for around R5 million and houses for up to R65 million. In Waterfall Country Estate stands are around 1 400sqm and sell for between R1.5 million and R2.2 million, with houses between R5.5 million and R15 million. There are also more affordable housing options available in the area with units priced at around R1 million.
What's unique about this node, he says, is "when you look at the bigger Gauteng it's right in the centre, and there's a natural progression towards the centre", which gives it a distinct competitive edge. - Julia Hinton
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