PROPERTY: Waterfall Development Boom
Recent Gauteng Business News
The 340ha Waterfall development boasts 1.753 million sqm of developable bulk and is the largest urban concept development in South Africa. So far, more than 175,000sqm 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 prestigious Waterfall development 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 Waterfall development.
The CBD of Waterfall, Waterfall City is anchored by the R4.1 billion Mall of Africa, which will have more than 120,000sqm of retail space when launched in April 2016, offering residency to many vogue international brands as well as highly esteemed South African brands.
“While there are several developments on the go in Waterfall, all eyes are on the Mall of Africa development, one of the biggest private sector property projects underway in South Africa currently,” says Morne Wilken, CEO of Attacq.
“Construction is progressing well. Bulk earthworks saw the removal of just over 1,100,000m3 of material of which 350,000m3 was rock. The site was handed over to the principal building contractors, a joint-venture between Group 5 and WBHO, in September 2013. 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.
While shoppers eagerly await the opening of Mall of Africa – the largest single phase super-regional mall to open its doors - Attacq’s first retail developments within the Waterfall node have been launched. The 9,000sqm Waterfall Corner and 7,500sqm Lifestyle are open for business, boasting key tenants such as Virgin Active (4,250sqm), Woolworths, Clicks and trendy restaurants with their tantalising cuisines. Waterfall Corner also features a vibrant piazza which creates a lively family-orientated shopping, eating and relaxation destination.
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. This is the first new hotel the group has developed in South Africa since 2010.
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 and 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.
Commercial space throughout greater Waterfall precinct is being snapped up by national and international corporates, such as Group 5, Cell C and Novartis, looking to consolidate their offices, while others align themselves with the essence of Waterfall: convenience, security, green living and quality urban spaces.
“Waterfall is not just a bustling construction site; it’s 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,” says Wilken.
“With its outstanding location and state-of-the-art architecture Waterfall is positioned to be one of South Africa’s most successful nodes. In fact, we believe so strongly in Waterfall as a prime business node, that Attacq’s headquarters are now also based here at our Maxwell Office Park development,” he adds.
A significant advantage of Waterfall is its prime location, virtually closing the gap between northern Sandton and Midrand. Waterfall is creating a major new commercial growth node. Waterfall not only joins Modderfontein in the east and reaches beyond Kyalami in the west but also spans land on both sides of the N1 highway, from the Woodmead Interchange to the Allandale Interchange.
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 of over 23,300sqm and a 14,000sqm distribution warehouse.
The striking 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. The development secured a “5-Star Green Star SA - Office Design v1” rating and has been submitted for an ‘As Built’ Green Star SA rating.
Light industrial or logistics related property developments in Waterfall, many of which comprise integrated head offices, include:
* MB Technologies’ 30,000sqm new consolidated headquarters;
* Massmart’s 36,000sqm Massbuild distribution campus;
* The 22,000sqm Cummins head-office for South Africa and Africa;
* An 11,000sqm facility for Covidien;
* A 4,700sqm building for DrÃ¤ger SA;
* An 8,000sqm office and warehouse development for Westcon Group;
* A 4,500sqm building for Angelshack; and
* A 6,600sqm facility for Servest.
Attacq aims to attract international companies to both the Waterfall node and Waterfall City as a means of adding value to the South African economy.
Business News Sector Tags: Property|