Waterfall development to feature mixed commercial use

A waterfall development, spanning either side of the N1 highway from Allandale to Buccleuch Interchanges, has already secured developments valuing over R7billion. This makes this one of the fastest-off-the-ground mixed-use developments yet, of Gauteng.

Capital growth property fund, Attacq, which is widely involved in the development, claimed yesterday that the project is procuring rewards and expecting an eventful year as a number of its major developments are completed.

Situated midway, effectively closing the gap between Northern Sandton and Midrand on a 340 hectare acre tract of land lined by the Buccleuch, Kyalami and Woodmead suburbs, the Waterfall development boasts 1.753 million square metres of bulk for development. To date, over 175,000 square metres has already been developed.

Attacq Waterfall Investment Company (AWIC) holds the development rights to the project with an 81.2% holding of AWIC. The 18.8% balance is owned by Atterbury Property Holdings, appointed development partner to the development.

Waterfall City, the CBD of Waterfall is secured by the R4.1billion Mall of Africa, expected to launch in April 2016. 

Morne Wilken, the CEO of Attacq claims the Mall of Africa construction is progressing well. Bulk earthworks saw the abstraction of just over 1,100,000m³ of material of which 350,000m³ was rock.

Up until now, 50,000m³ of concrete has been cast with 7,300 tons of reinforcement. The structure is now highly visible from the highway with approximately 1,200 construction workers and professionals presently on site.

Recently launched within the centre, the 9,000 square metre Waterfall Corner and 7,500 square metre Lifestyle are open, boasting significant tenants including Clicks, Virgin Active, Woolworths and fashionable restaurants.

Attacq’s first Waterfall City hotel – a 6,000 square metre, 149 room City Lodge hotel, is scheduled to launch this December. The 3 star, five storey hotel has an expected value on completion of R105million.

Maxwell Office Park, designed as a 4 Star, Green Star rated park, not only accommodates Premier Foods, but is also is home to Atterbury, Baktagla Tshipi, Cipla, Golder & Associates and Attacq, with Honda to also acquire premises later this year.

Another blue-chip corporate secured within Waterfall City is Novartis, a Swiss pharmaceutical giant. A 7,000 square metre office building is presently under development with an expected completion value of R182million.

22 property developments have been secured to date, 11 of which are already completed, with the balance due to be completed over the upcoming next 20 months.

The custom-built Cell C head-office campus for the cellular network operator is the largest property investment to be completed at Waterfall. The 44,200 square metre campus was completed last December with a value of R770million, featuring offices and a distribution warehouse.

The Group 5 head office, valued at R500million upon completion during January, covers 25,500 square metres and is the first building in Waterfall to achieve a Green Star SA rating from the Green Building Council of SA.