PROPERTY: Nedbank Funds Office Park Development in Pretoria
Recent Gauteng Business News
Nedbank Funds Phase One And Two Of The Lynnwood Bridge Office Park Development In Pretoria For R1.2 Billion
Nedbank Corporate Property Finance has funded the construction of the first and second phases of the Lynnwood Bridge multi-use development in Lynnwood, Pretoria.
The R1.1 billion loan by Nedbank Corporate Property Finance was used to fund the construction of 40,936m² of A-Grade Office space (Phase 1) and 13,743m² of retail space (Phase 2), forming part of the Lynnwood Bridge Office Park development.
The third and final phase will comprise 15,000m² of A-Grade Office space and construction will commence this year.
Phase 1 is currently tenanted by Adams and Adams Attorneys, Atterbury Property Holdings, Aurecon and the City Lodge Hotel. The second phase of the development includes Woolworths, Planet Fitness gym, Atterbury Theatre, The Pro Shop and a number of exciting restaurants and other speciality line shops for the benefit of the newly created office population and hotel guests, as well as the general public.
The Lynnwood Bridge development is a new landmark in Pretoria, with its highly visible location on the newly upgraded Lynnwood off-ramp from the N1 highway. It offers contemporary architecture which is changing the Lynnwood landscape, a secure upmarket environment to work in, an upmarket relaxing atmosphere for shopping and a state-of-the-art theatre for an evening of good entertainment.
The development is situated in the upmarket Pretoria suburb of Lynnwood and is bounded by Lynnwood Road to the south, Meiring Naude Road to the west, Lynburn Road to the north and Daventry Road to the east. The development has excellent access from the N1 with new on- and offramps that have just been completed.
The Glenfair Shopping Centre is adjacent to the Lynnwood Bridge Office Park development and offers 16,780m² of retail and office space. The Glenfair Shopping Centre was acquired by Atterbury Investment Holdings Ltd in 2008 and has subsequently been renovated by the Atterbury Group. The centre is anchored by Spar and Checkers and sports a completely new look. New tenants include, Solomon’s and Capitec Bank.
Lynnwood Bridge Office Park and Glenfair Shopping Centre will shortly be linked by a pedestrian bridge crossing Daventry Road, which will allow the two developments to be integrated and further benefit will be created to its clients with regards to the complimentary tenant mix of the two centres.
Ken Reynolds regional executive of Nedbank Corporate Property Finance’s Gauteng division says, “We are proud to be associated with this development; our involvement began with the funding of the site four years ago and has grown to the funding of this mixed use development, which is truly unique in the Pretoria market. We look forward to doing more business with this dynamic property company”.
The Lynnwood Bridge Office Park development is 100% owned by Atterbury Investment Holdings Ltd (AIH). AIH has recently acquired Nedbank Property Partners’ 15% shareholding in this development. AIH is the investment holding company of the Atterbury Group, which holds investments in properties mainly in the commercial and retail sectors as well as offshore investments with a total current gross value in the region of R7 billion.
Atterbury Property Developments (Pty) Ltd, which is the development leg of the Atterbury Group, was responsible for this prime development and the asset management of the development will be handled by Atterbury Asset Managers (Pty) Ltd.
Business News Sector Tags: Property| Construction|