Name and Location
Waterfall development project, Gauteng, South Africa.

Client
Atterbury Property Group.

Project Description
The Waterfall development project includes the Waterfall Business Estate a 1.6-million-square-metre mixed-use commercial development. It spans land on both sides of the N1 highway – from the Woodmead interchange through the Buccleuch interchange to the Allandale interchange and joins Modderfontein in the east and reaches beyond Kyalami in the west.

The development master plan includes 200 000 m² of offices. Light and high-tech industrial property will be located in the Logistics Precinct, the Distribution Campus and Commercial District.

The heart of Waterfall will be the 800 000 m² mixed-use Waterfall City. It will feature a 115 000 m² shopping precinct, with offices and homes. Waterfall City comprises about 60% of the entire Waterfall.

Waterfall City includes the super-regional Mall of Africa. At 131 000 m², this is South Africa’s largest single-phase shopping mall development to date. The R3.5-billion, two-level mall is set to start trading in April 2016.
Atterbury also has the rights to develop 1 200 urban residential units in Waterfall City.

In addition to premium-grade corporate offices, Waterfall City will also accommodate tenant-driven low-density office developments, as well as motor dealerships and other businesses carefully selected to benefit those who come to Waterfall City to work, live, shop, stay and play.

Value
The project will have a total value of well over R25-billion.

Duration
The development of the project will be market-driven and rolled out over the next 14 years.

Latest Developments
One of South Africa’s big four finance firms, Nedbank, has injected R1.35-billion into the Waterfall City development.

The loan has been granted to Attacq Waterfall Investment Company (AWIC) for three new developments in the area, including a new head office for advisory firm PwC, as well as offices and warehouse facilities for construction tools and applications producer Hilti and medical devices and medical equipment manufacturer Stryker.

Construction of the 115 000 m² PwChead office, which will comprise 40 000 m² of offices of taller than 26 storeys and 1 822 basement parking bays on five levels, has already started.

The 3 800 m² warehouse development for Hilti will include offices on the ground and first floor, 1 700 m² of warehouse space, 60 open parking bays and 40 covered parking bays.

The two rectangular double-volume warehouses will also offer ablution and kitchen facilities. The offices and warehouses for Stryker will feature a similar layout and facilities to the Hilti development, with a gross leasable area of more than 3 000 m².

Other developments within the precinct included a 148-bed hotel and offices comprising more than 50 000 m².

Key Contracts and Suppliers
Standard Bank (finance).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Atterbury Property Group, Coenie Bezuidenhout, tel +27 11 706 1176 or email coenie@atterbury.co.za.