29 Jan 2013
Standard Bank has finalised a R408 million financing arrangement for leading commercial property investor and developer, Atterbury Property Group, to construct a head office block for engineering and construction firm Group Five at the Waterfall Business Estate development in northern Johannesburg.
According to Marvin Nair, manager for real estate finance at Standard Bank, Waterfall Business Estate is seen as one of the biggest and most ambitious commercial property developments currently being undertaken in South Africa.
Waterfall Estate spans both sides of the N1 highway, from Woodmead Interchange through the bustling Buccleuch Interchange to Allandale Interchange and is viewed as a key development node over the next 10 years, he says.
It consists of a 1.8-million square metre mixed-use commercial development, with the rollout over the next 14 years valued at well over R25 billion.
Atterbury has development rights over the commercial components within the Waterfall Business Estate.
To date, Standard Bank has also provided finance of R54 million for the construction of new head offices for technology group Altech and R116 million funding for bulk services of their industrial campus, as well as funding of R243 million for bulk services for the Waterfall CBD, which will house the development of a super-regional mall to be called Mall of Africa.
With accessible commercial and residential space at a premium, this new node of development is strategic to the growth of Johannesburg consolidating the north-south development corridor as Johannesburg and Pretoria converge.
“We have developed a great working relationship and we look forward to continuing to work with the Atterbury Group as the Waterfall Estate continues to develop,” adds Nair.
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