An artist's impression of the exterior of the proposed new Gauteng office for Deloitte, which will be developed by Atterbury Property. Photo: Supplied

JOHANNESBURG – Property development and asset management group Atterbury Property Fund is to develop a mix-use complex in Pretoria at a total cost of R6 billion.

Atterbury development manager Raoul de Villiers said at the launch of the first phase of the Castle Gate precinct on the last portion of the original Waterkloof farm yesterday that the investment was the property industry’s endorsement of confidence in the country.

“For successful property development and investment, it is necessary to look through the short-term cycles and take a long-term view of the economy and a country as a whole,” De Villiers said. 

“Having lived in Europe for the past four years myself, I can report back that even though it’s a little bit dry on the peripheral, the grass is still the greenest right here in South Africa.”

Castle Gate is a large-scale modern, multifaceted development built on land the size of 60 rugby fields.

The precinct, which will include 100 000m² of office space, specialist medical facilities, a hotel, as well as 1 100 residential units and a convenience retail centre, will be developed in the next five to 10 years. 

De Villiers said the convenience centre would be opened within a year and would include retail, medical consulting rooms, offices and a gym.

The precinct will also include eight hectares of protected green land that would incorporate walking and running trails. 

De Villiers said the project would create around 23 000 jobs in the construction phase, and about 20 000 permanent jobs on completion. 

He said it would be co-developed by APF and The Carl Erasmus Trust, and Talis Investment Partners. 

Talis Holdings chairperson Tebogo Mogashoa said the group was confident that the economy would rebound in the long term. 

“Long-term investment and long-term thinking is needed in order to support a positive outlook for the country,” Mogashoa said. 

“Therefore, we are not one of those who believe this downward trend will persist continually. As South Africans we cannot be passive observers to the story of our country.”

Magoshoa said this property development would bring to fruition the first of its kind twinning agreement between the Castle Gate medical facilities and the Mamelodi Hospital in Pretoria. “This is an unprecedented public-private partnership where we will see private sector skills being offered to a public institution such as Mamelodi. Much has been reported about the inefficiencies of that institution,” he said.

“The doctors we have partnered with who will be building their hospital facilities here, have kindly offered themselves to become part of the solution to take South Africa forward.”