Johannesburg - A new multibillion-rand mixed-use commercial development similar to, but on a different scale to, Waterfall in Midrand is to be developed on an estimated 85 hectare site at the junction of the N1 and R21 highways in Pretoria by leading property developer and investor Atterbury.
It will be developed by Atterbury in a joint venture with the Erasmus Trust on the last portion of the original Waterkloof farm in Pretoria, which is owned by the Erasmus family.
James Ehlers, the managing director of Atterbury Property Developments, said yesterday that the Erasmus land was ideal for a development similar to Waterfall and Lynnwood Bridge.
Atterbury is the developer of Waterfall and a 20 percent co-owner of Mall of Africa, the largest single phase shopping centre development in southern Africa that opens its doors to shoppers on April 28.
Waterfall was being developed on a 330ha site that Atterbury had secured on leasehold from the Islamic Institute, which had owned the land since 1934.
The company also developed the 75 000 square metre Lynnwood Bridge mixed-use commercial precinct in Pretoria directly adjacent to the Lynnwood Road exit of the N1 highway. Atterbury expects to begin development of the site early next year.
Excellent frontage
Ehlers said the rezoning process for the land was still being finalised, but Atterbury envisaged the development including specialised retail, a significant residential component, a good balance of offices and some logistics warehouses that took advantage of the excellent highway frontage.
The Erasmus land is a prime site bordering the N1 and R21 highways, with Solomon Mahlangu Drive at its northern border. It provides easy access to Johannesburg, Pretoria, Pretoria East and OR Tambo International Airport.
Ehlers said the new development would be meticulously planned, once the rezoning was confirmed, to position commercial properties for peak functionality, access and visibility.
He said equal attention would be given to the residential units, which Atterbury intended to undertake in partnership with a specialist residential developer.
Ehlers said Atterbury was also considering investing in roads and other infrastructure as part of the development to benefit the area. He said the project would be driven by market demand but developed out over five to seven years.
Strong demand
Ehlers confirmed that demand was already strong. “We are talking to specific retailers who want to be part of this development and there is a huge demand for housing in the area. We expect different facets of the project to be constructed simultaneously, which will result in a bustling construction site.
“Atterbury is confident about South Africa and remains positive to invest in quality developments. We’re committed to and excited about the work we do and look forward to once again creating value from the ground up,” he said.
Carl Erasmus, a representative of the Erasmus family, said the land had played a significant role in the history of Pretoria, had belonged to the Erasmus family for generations and many prestigious developments had taken place on the Waterkloof farm over the years.
Louis van der Watt, the chief executive of Atterbury, said they were thrilled to work with the Erasmus Trust for this landmark development because the land was held by one family for so long.
BUSINESS REPORT