Atterbury Property Developments’ Waterfall Business Estate is poised to become one of the strongest and most successful nodes within the Gauteng market and in South Africa.
The Waterfall mixed-use precinct is the largest urban concept development in South Africa. Atterbury is driving the commercial development elements across the entire node.
Waterfall spans land on both sides of the N1 highway, from the Woodmead Interchange through the bustling Buccleuch Interchange to Allandale Interchange. It joins Modderfontein in the east and reaches beyond Kyalami in the west. It enjoys superb access from Pretoria, Sandton and Johannesburg. In fact, it is closing the gap between northern Sandton and Midrand, creating a large commercial growth node.
Atterbury Property Developments Director Coenie Bezuidenhout, who is responsible for coordinating Waterfall Business Estate, says: “Results from our economic impact assessment of Waterfall Business Estate all point towards the node becoming one of the strongest in the province with positive and far-reaching socio-economic benefits for Gauteng and its people.”
According to research by Urban Studies, which undertook the economic impact assessment of the area, the Gauteng market is expected to continue to grow at just over 3% and has consistently outperformed other provinces over the last 15 years.
The research confirms the site is a major catchment area in the province. While being geographically situated in centre of Gauteng, 36% of the population, and over 1 million households, are located in the surrounding feeder areas.
The Economic Impact Assessment also signals the development will play a major role in creating employment opportunities in the area, as well as becoming a significant tax contributor to the Gauteng economy.
“The Midrand market has long been attractive because of the agglomeration effect of Johannesburg and Pretoria,” says Dr Dirk Prinsloo of Urban Studies. “While consumers are still feeling the pressures of the slow global economic recovery, the residential property market is starting to show growth; an encouraging sign of economic resilience.”
Unprecedented in size and impact, the prime Waterfall Business Estate measures around 311ha, with 1.73 million square metres of developable bulk approved so far. This ‘greenfield’ development allows the best urban design principles for infrastructure, services and open public spaces, ensuring a sustainable city where all elements integrate seamlessly and efficiently.
“Waterfall Business Estate is market driven and will be rolled out over the next 9 to 13 years,” notes Bezuidenhout.
In view of the extensive development underway, it is little wonder the socio-economic impact of the Waterfall Business Estate is already considerable. The initial development phase is creating of 27,189 jobs, with a total construction cost of just under R25 billion.
The assessment report also notes the multiplier effect which illustrates the way in which the economic impact of Waterfall has a ripple effect on other role players, sectors and industries in the economy. This increases the initial phase’s noteworthy total economic contribution of almost R45 billion.
By the end of 2013 alone, Waterfall Business Estate will have created around 2,700 construction jobs, with some 6,500 people working in the precinct. The amount spent within the community by the end of this you from jobs created in the construction phase is estimated at around R350 million and the output of workers employed within the estate is estimated at R135 million.
The market has already responded positively to the advantages of Waterfall Business Estate. Atterbury will complete the 44,200sqm Cell C campus and the 23,000sqm new Group 5 head office in the estate this year. It has also developed premises for Wal-Mart’s Massbuild, Altech Group and Digistics and is developing for MB Technologies, Golder & Associates, Cipla, Premier Foods, Dräger, City Lodge and Westcon Group.
Retail projects now under development at Waterfall Business Estate include the remarkable 116,000sqm Mall of Africa super-regional shopping centre in the heart of Waterfall City. Atterbury is also currently developing two prime convenience centres, Waterfall Corner and Waterfall Lifestyle Corner, which will feature tenants such a Woolworths, Checkers and Virgin Active.
During the operational phase of the development, the number of workers on site is set to exceed 60,000 and contribute over R440,000 million to the economy a year.
“Waterfall Business Estate is ideally positioned to benefit from Gauteng’s growth, and also to positively contribute to it in a big way,” says Bezuidenhout.