Roy Cokayne
DEVELOPMENTS valued at more than R7 billion have already been developed or secured at Waterfall, the flagship mixed-use property development between Pretoria and Sandton.
The 340 hectare development by listed property company Attacq is claimed to be the largest urban concept development in South Africa’s history and one of the largest current developments on the African continent.
Located on a 2 200ha tract of land between Woodmead, Kyalami and Midrand, Waterfall will almost close the gap between northern Sandton and Midrand and create a major new commercial growth node.
It joins Modderfontein in the east and reaches beyond Kyalami in the west. The estate also spans land on both sides of the N1 highway from the Woodmead Interchange to the Allandale Interchange.
The development boasts 1.753 million square metres of developable bulk and more than 175 000m2 has already been developed in line with Attacq’s strategic roll-out and master plan.
Attacq Waterfall Investment Company (AWIC) holds the development rights to the Waterfall development with 81.2 percent of the shareholding in AWIC. The remaining 18.8 percent is owned by Atterbury Property Holdings, the appointed development partner to the Waterfall development.
Morné Wilken, the chief executive of Attacq, said several developments were under construction in Waterfall, but all eyes were on the Mall of Africa development, one of the biggest private sector property projects underway in South Africa currently.
Wilken said that Waterfall was not only a bustling construction site, but “a buzz of exciting energy as a new commercial node with the potential of becoming Gauteng’s new CBD”.
“Some 22 property developments have been secured thus far, 11 of which are already completed and the balance scheduled to be completed over the next 20 months,” he said.
Waterfall City, the central business district (CBD) of Waterfall, is anchored by the R4.1bn Mall of Africa, which will have more than 120 000m2 of retail space when launched in April 2016, making it larger than Cape Town’s Victoria & Alfred Waterfront.
Wilken said the structure was now very visible from the highway with about 1 200 construction workers and professionals on site currently.
Attacq aims to attract international companies to both the Waterfall node and city as a means of adding value to the economy.
Willie Vos, the chief executive of the Waterfall Management and Operating Company, said earlier this year the findings of a study done by Urban Studies revealed that Waterfall Estate would have an estimated positive economic impact valued at about R106bn by the time it was completed in about 2023.
Vos said in today’s terms, the total construction value of the development was estimated to be R71.2bn by 2022/23.
“But there is a 1.5 multiplier effect because of what is happening here and investments around here in other industries, which means the economic impact of this development amounts to R106bn in today’s terms,” he said.
Attacq and Atterbury Property Development secured the retail and commercial rights plus a small component of high-end residential in the estate, with most of the retail rights secured by Century Developments.
Between 6 000 and 8 000 residential units, which will ultimately house an estimated 35 000 to 40 000 people are in the process of being developed in six residential estates within the estate, with houses to the value of R4bn, including the value of the land, already completed.
Attacq’s first retail development within the Waterfall node, the 9 000m2 Waterfall Corner and 7 500m2 Lifestyle, boasting a 4 250 square metre Virgin Active, has already been launched while its first hotel in Waterfall City, the R105 million, 149-room City Lodge hotel, is due to open in December.
Maxwell Office Park is the new home for Premier Foods, Golder & Associates, Cipla, Bakgatla Tshipi, Atterbury and Attacq, with Honda joining them later this year.
Pharmaceutical giant Novartis is another blue chip corporate secured within Waterfall City, with its R182m, 7 000m2 office building currently under construction.
Other national and international corporates who have snapped up commercial space at Waterfall include Group Five, with its new R500m head office, and Cell C, whose 44 200m2 campus was completed in December at a cost of R770m.