Financial services firm Standard Bank on Wednesday said it had finalised a R408-million financing arrangement for commercial property developer Atterbury Property Group to construct a head office block for engineering and construction firm Group Five, in Johannesburg.
Atterbury would construct the new facility in the Waterfall Business Estate, where it had development rights over the commercial components.
Regarded as a key development node over the next ten years, the Waterfall Business Estate spans both sides of the N1 highway, from the Woodmead interchange through the Buccleuch interchange to the Allandale interchange.
The estate consists of a 1.8-million square metre mixed-use commercial development. Its roll-out would span over the next 14 years and it was valued at over R25-billion.
Standard Bank had also provided R54-million for the construction of new head offices for technology group Altech and R116-million for bulk services of Altech’s industrial campus, as well as R243-million for bulk services for the Waterfall central business district, which would house the development of a super-regional mall to be called Mall of Africa.
The bank stated that the Waterfall Business Estate offered accessible commercial and residential space at a premium, which made it strategic to the growth of Johannesburg, consolidating the north–south development corridor as Johannesburg and Pretoria converge.
“We have developed a great working relationship and we look forward to continuing to work with the Atterbury Group as the Waterfall Estate continues to develop,” Standard Bank real estate finance manager Marvin Nair said.