Atterbury Property Group Launches $3 Billion Mixed-Use Urban Development in South Africa

By Gabriel Circiog, Associate Editor

Kyalami, South Africa—Atterbury Property Group has launched its $3 billion Waterfall Business Estate, one of the most ambitious mixed-use urban development projects in South Africa.

Located in the center of the fastest growing metropolis on the African continent, the 17,000,000-square-foot mixed-use commercial development is market-driven and will roll out over the next 14 years. Waterfall spans on both sides of the N1 highway, joining Modderfontein in the east and stretching beyond Kyalami in the west. It creates a large commercial growth node, which closes the gap between northern Sandton and Midrand.

After securing development rights for the 815-acre site in 2008, Atterbury came up with a masterplan that calls for around 2.2 million square feet of offices on the main strip along the N1 highway, light and high-tech industrial space, as well as retail space serving Waterfall’s residential units near Kyalami. The main feature of Atterbury’s commercial development is the 8,600,000-square-foot mixed-use Waterfall City. Located in the center of Waterfall, in a 1,200,000 shopping precinct, Waterfall City offers a mix of retail combined with offices and homes. The residential component of Waterfall Business Estate is being developed by Century Property Development and will feature over 6,000 residential units and apartments.

Construction is already underway for a 323,000-square-foot distribution center for Walmart’s Massbuild and an 86,000-square-foot distribution warehouse for Digistics. Atterbury also recently broke ground on a 495,000-square-foot head office campus for Cell C, which will include a customer walk in center, data/IT center and warehouse. Cell C has signed a 15-year lease and is scheduled to move into the new campus at the end of 2013. The site also offers Cell C around 150,000 square feet of future development potential.

With an 80 percent stake, Atterbury Investment Holdings is the major investor in the Waterfall Business Estate. Morne Wilken, CEO of the property fund, said: “This development is expected to contribute positively to AIH’s growth and performance in the coming decade and beyond.”