Atterbury Property Development, part of the Atterbury Group, has unveiled plans for the R25bn ($3bn) Waterfall Business Estate project in Midrand, Johannesburg, South Africa.
The 1.6 million m² mixed-use project is planned to be developed along the land on both sides of the N1 highway from the Woodmead Interchange through the Buccleuch Interchange to the Allandale Interchange.
The project will feature a regional shopping centre and the 800,000m² mixed-use Waterfall City, which includes a 115,000m² shopping precinct along with offices and homes.
Construction of the mall is expected to start in August this year and complete in March 2015.
The company has already broken ground at the Waterfall Distribution Campus for a 30,000m² distribution centre for Wal-Mart’s Massbuild.
Work is scheduled to start as early as possible on an 8,000m² distribution warehouse for Digistics to serve fast food companies.
Century Property Development is carrying out the residential component of Waterfall Park.
The development of Waterfall Business Estate is anticipated to be rolled out over the next 14 years.
South African capital growth fund Atterbury Investment Holdings is the major investor in Waterfall Business Estate with an 80% stake, while the balance stake is held by Atterbury Property Holdings.
Atterbury secured the commercial development rights for the 330ha site from the Islamic Institute, which had owned the land since 1934.