Atterbury Launches $3B M-U Urban Development in South Africa
- Jul 31, 2012
Atterbury Property Group has launched its $3 billion Waterfall Business Estate, one of the most ambitious mixed-use urban development projects in South Africa.
Located in the center of the fastest-growing metropolis on the African continent, the 17 million-square-foot mixed-use commercial development is market driven and will roll out over the next 14 years. Waterfall spans both sides of the N1 highway, reaching from Modderfontein to the east beyond Kyalami to the west. It creates a large commercial growth node, which closes the gap between northern Sandton and Midrand.
After securing development rights for the 815-acre site in 2008, Atterbury came up with a master plan that calls for around 2.2 million square feet of offices on the main strip along the N1 highway, light and high-tech industrial space, as well as retail space serving Waterfall’s residential units near Kyalami. The main feature of the commercial development is the 8.6 million-square-foot mixed-use Waterfall City. Located in the center of the project, in a 1.2 million-square-foot shopping precinct, Waterfall City offers a mix of retail, offices and homes. The project’s residential component is being developed by Century Property Development and will feature more than 6,000 residential units.
Construction is already underway for a 323,000-square-foot distribution center for Walmart’s Massbuild and an 86,000-square-foot distribution warehouse for Digistics. Atterbury also recently broke ground on a 495,000-square-foot head office campus for Cell C, which will include a customer walk-in center, a data/IT center and a warehouse. Cell C has signed a 15-year lease and is scheduled to move into the new campus at the end of 2013. The site also offers Cell C around 150,000 square feet of future development potential.
With an 80 percent stake, Atterbury Investment Holdings is the major investor in the Waterfall Business Estate. Morne Wilken, CEO of the property fund, said: “This development is expected to contribute positively to AIH’s growth and performance in the coming decade and beyond.”