Louis van der Watt, CEO of Atterbury and Carl Erasmus.
Leading South African property developer and investor Atterbury today announced it will undertake a prime new multibillion-Rand development in Pretoria.
Atterbury’s latest venture will be a modern, mixed-use commercial development on about 85ha of prime land, at the high-profile juncture of the N1 and R21 highways.
The development will be similar to Atterbury’s staggering development Waterfall in Midrand, albeit on a different scale. Waterfall includes Southern Africa’s largest single-phase shopping centre development, Mall of Africa, which opens on 28 April. Atterbury is the developer and 20% co-owner of Mall of Africa.
The new Pretoria mixed-use precinct will be constructed on the landmark property belonging to the Erasmus family on the last portion of the original Waterkloof farm in Pretoria. It will be developed by Atterbury in a joint venture the Erasmus Trust.
Carl Erasmus explains the land, which has played a significant role in the history of Pretoria, has belonged to the Erasmus family for generations and many prestigious developments have taken place on the Waterkloof farm over the years.
Erasmus says: “Despite receiving many and generous approaches to buy the land over the years, we turned them all down in favour of working with Atterbury to realise the vision for this land.”
Louis van der Watt, CEO of Atterbury says: “We’re thrilled to work with the Erasmus Trust for this landmark development. Because this land was held by one family for so long, its unique size and leading location present an exciting opportunity to develop a unique mixed-use infill development that creates meaningful value.”
Atterbury has a unique understanding of this type of greenfields development at which it excels.
Besides its groundbreaking development at Waterfall adjacent to the Allandale Road exit of the N1 Highway, Atterbury also developed the 75,000sqm Lynnwood Bridge mixed-use commercial precinct in Pretoria, directly adjacent to the Lynnwood Road exit of the N1 Highway. With these developments, and many others across South Africa and beyond its borders, Atterbury has established a track record of delivering what it sets out to do.
James Ehlers, MD of Atterbury Property Developments, says: “Atterbury is confident about South Africa and remains positive to invest in quality developments. We’re committed to and excited about the work we do and look forward to once again creating value from the ground up”.
Ehlers stresses the Erasmus land is ideal for a development similar to Waterfall and Lynnwood Bridge.
“Through our involvement in these iconic projects, Atterbury has established skills across the board. We have built up a top team of people with the experience and expertise to create quality, modern mixed-use nodes, from developing their infrastructure and top structure to the different uses of property for retail, office, commercial and residential uses”.
Atterbury expects to begin development of the Erasmus land early next year. “While the rezoning process for the land is still being finalised, we envisage the development to include specialised retail, a significant residential component, a good balance of offices and some logistics warehouses that take the best advantage of the excellent highway frontage,” says Ehlers.
The Erasmus land enjoys a prime site bordering to the N1 and R21 highways, with Solomon Mahlangu Drive at its northern border. It provides easy access to Johannesburg, Pretoria, Pretoria East and OR Tambo International Airport.
In addition, as part of the development, Atterbury is also considering investing in roads and other infrastructure to benefit the area.
Once rezoning is confirmed, the new development will be meticulously planned to position commercial properties for peak functionality, access and visibility. Equal attention will be given to the residential units, which Atterbury intends to undertake in partnership with a specialist residential developer.
The project will be developed out over five to seven years, driven by market demand. Already, Ehlers confirms, the demand is strong.
“We are talking to specific retailers who want to be part of this development and there is a huge demand for housing in the area,” says Ehlers. “We expect different facets of the project to be constructed simultaneously, which will result in a bustling construction site, similar to what you see at Waterfall right now.”