Waterfall City expansion project has commenced construction on another 47 000 square meters of approved area.
Waterfall City, a Midrand development, has its own heliport, eight schools, a private hospital, and hundreds of homes near big corporations. The property group Attacq, on the other hand, has even loftier goals, with a total of 50 000 square meters of future building authorized.
The company claims to be profiting from a “flight” to premium offices. Therefore, this new Waterfall City expansion project will have a significant office component.
While other real estate companies are deferring projects because of the pandemic, Attacq is adhering to its original plans to develop Midrand’s Waterfall City into a “world-class area.”
Waterfall City has already begun construction on 38 000 square meters, and another 50 000 square meters has been approved and is ready for construction.
This is in addition to the 22 000m2 of residential, office, and warehouse space built by Attacq during the fiscal year ended June 30.
Waterfall City is a 2,200-hectare development area that includes developments constructed by developers other than Attacq. Waterfall City added 33 000m2 of rental space in the fiscal year ending in June, including those buildings.
The total market value of all completed buildings is presently estimated to be between R50 billion and R60 billion.
The region already has its own heliport, eight schools, a private hospital, and thousands of residential residences near global behemoths such as Deloitte and Novartis and malls such as the Mall of Africa and Waterfall Corner.
“Our focus is to think differently about real estate through quality-focused hubs,” said Attacq CEO Jackie van Niekerk. “The Waterfall precinct has an incredibly important part on the story and the future of Attacq.”
Previously, Attacq focused on four businesses: the Waterfall projects, the balance of its South African portfolio, its retail holdings in the rest of Africa, and its European stake in MAS Real Estate Inc.
It has now decided to focus on Waterfall City and other South African assets, which make up a far smaller percentage of its portfolio.