Construction to start on next 70 000m² of Waterfall Business Estate
As published by SA Property News – http://bit.ly/WILY0A
Atterbury has started the next 70 000m² of development at Waterfall Business Estate.
Waterfall is a massive 330 ha mixed-use development spanning both sides of the N1, from Woodmead Interchange through the bustling Buccleuch Interchange to Allandale Interchange. It joins Modderfontein in the east, reaching beyond Kyalami in the west. It has access from Pretoria, Sandton and Joburg.
Atterbury is developing the 1.6 million square metre mixed-use commercial component of Waterfall Business Estate. Its latest development at Waterfall Business Estate includes a landmark 23 000m² head office for Group Five and a 26 500m² warehouse for Tarsus.
It is also developing 6 000m² of offices for Golder Associates and another 5 000m² speculative building at Maxwell Office Park.
“Development of prime offices and distribution centres at Waterfall Business Estate is progressing at a pleasing rate. As more commercial development is complete, and more residential units come to market at Waterfall, we are also creating community resources,” says Atterbury property developments director Coenie Bezuidenhout.
One of these is a 9 000m² convenience centre at Maxwell Corner, where Atterbury recently broke ground.
High-profile businesses which have chosen to operate from Waterfall Business Estate include Cell C, Altech Group and a Netcare Hospital. Also under development by Atterbury at Waterfall Business Estate is a 30 000m² distribution centre for Walmart’s Massbuild and an 8 000m² distribution warehouse for Digistics, which services fast food industry companies like KFC and McDonalds.
Bezuidenhout says: “Group Five, Tarsus and Golder Associates continue the stellar line-up of leading business names that have chosen Waterfall Business Estate as their business address. We are pleased to welcome them to the estate.”
SA property fund, Atterbury Investment Holdings (AIH), is the major investor in Waterfall Business Estate, with an 80 percent stake, and the remaining 20 percent is owned by Atterbury Property Development.
Africa’s largest growing metropolis includes Waterfall Business Estate and its neighbouring AECI Heartland development in Modderfontein. The residential component at Waterfall is being undertaken by Century Property Development. When complete, there will be more than 6 000 residential units and apartments, making this a true mixed-used development.
“The Midrand office market has grown at between 12.6 percent and 14 percent since 1993 and office vacancy levels are among the lowest in Joburg. This shows healthy demand, which Waterfall is well positioned to meet.
“In the precinct’s central business district, Waterfall City, research shows there are over 65 000 households in the primary trade area, and this figure is growing. Residents are already underserved by retail, and some market segments simply aren’t served locally. This primary market spends over R8.2 billion each year,” says Bezuidenhout.
The Waterfall Business Estate development will be market-driven, and will roll out over the next 14 years with a total value well over R25bn.