Waterfall development expounds mixed-use benefits
The Waterfall development, spanning both sides of the N1 highway, from Buccleuch to Allandale Interchanges, has already secured developments valued at more than R7 billion, making this one of the fastest-off-the-ground mixed-use developments yet in Gauteng.
Capital growth property fund Attacq, which is heavily involved in the development, on Tuesday told SA Commercial Prop News that the project is reaping rewards and was expecting an eventful year as a number of its major developments are completed.
Located midway virtually closing the gap between northern Sandton and Midrand on a 340ha tract of land bordered by Buccleuch, Kyalami and Woodmead suburbs, the Waterfall development boasts 1.753 million sqm of developable bulk. To date, more than 175,000sqm has already been developed.
Attacq Waterfall Investment Company (AWIC) holds the development rights to the project with its holding of 81.2% of AWIC. The balance of 18.8% is owned by Atterbury Property Holdings, the appointed development partner to the development.
The CBD of Waterfall, Waterfall City is anchored by the R4.1 billion Mall of Africa, which is expected to launched in April 2016.
Attacq CEO, Morne Wilken said Mall of Africa construction is progressing well. Bulk earthworks saw the removal of just over 1,100,000m3 of material of which 350,000m3 was rock.
"To date 50,000m3 of concrete has been cast with 7,300 tons of reinforcing. The structure is now very visible from the highway with about 1,200 construction workers and professionals on site currently,” he adds.
Recently launched within the node, the 9,000sqm Waterfall Corner and 7,500sqm Lifestyle are open for business, boasting key tenants such as Virgin Active, Woolworths, Clicks and trendy restaurants.
Attacq’s first hotel in Waterfall City – the 6,000sqm, 149-room City Lodge hotel, is due to open in December 2014. The five-storey, 3-star hotel has an expected value on completion of R105 million.
Maxwell Office Park, environmentally innovative and designed as a 4-Star Green Star rated park, not only hosts Premier Foods, but also is home to Golder & Associates, Cipla, Bakgatla Tshipi, Atterbury and Attacq, with Honda taking up premises later this year.
Another blue-chip corporate secured within Waterfall City is Swiss pharmaceutical giant, Novartis. A 7,000sqm office building is currently under development and has an expected completion value of R182 million.
“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,” says Wilken.
The Cell C head-office campus was custom-built for the cellular network operator and is the largest property investment to be completed at Waterfall. The 44,200sqm campus was completed in December 2013 with a value of R770 million and features offices and a distribution warehouse.
The Group 5 head-office, valued at R500 million on completion in January 2014, spans 25,500sqm and is the first building in Waterfall to receive a Green Star SA rating from the Green Building Council of SA.