The roughly 85ha development will be similar to Atterbury’s Waterfall development in Midrand, albeit on a different scale. 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 with the Erasmus Trust.
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 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 James Ehlers, MD of Atterbury Property Developments.
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 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.”
