Johannesburg - Attacq and Sanlam Properties yesterday announced a strategic property joint venture for further light industrial commercial and retail development in Waterfall City, north of Johannesburg.
The joint venture acquired 28 hectares of Waterfall land from Attacq and an additional adjacent 100ha from the Mia family, securing a total of 128ha of usable land on the eastern side of the N1 freeway and south of the Allandale interchange.
The land is located in the visible Waterfall development node, between the Allandale and Buccleuch interchanges. The area benefits from convenient access to the road and rail infrastructure of the central Gauteng economic development zone.
Sanlam holds 80 percent and Attacq holds 20 percent in the joint venture, with Attacq having the right to increase its shareholding to 50 percent. Of the land, 114ha will be utilised for light industrial commercial developments with a balance of 14ha to be developed for retail purposes. The development roll-out will be managed by Attacq.
Extensive demographic and feasibility studies have been undertaken and support the proposed retail development to be done on the 14ha of retail land in the near future. In terms of this development, Attacq has elected to increase its shareholding in the joint venture to 50 percent.
Morné Wilken, the chief executive of Attacq, said Sanlam had been a key investor in Attacq for many years.
André Rheeder, the chief executive of Sanlam Properties, said: “We look forward to these development ventures and believe these investments will deliver phenomenal growth.”
BUSINESS REPORT