Size: 84ha (approx. 300 000m² of bulk)
Richmond Park is one of the biggest new commercial developments in Cape Town and the biggest Atterbury Property project in the Western Cape to date. It is also one of the best good-news stories regarding land restitution in South Africa. Richmond Park will be a brand-new multi-billion rand mixed-use mega property development, situated adjacent to the N7 highway, on a prime greenfields site in Milnerton.
This property development on 84 hectares of land is envisaged as a landmark business park and mixed-use precinct consisting of retail, light industrial, commercial and warehousing property development. The property has bulk development rights of some 500 000m², however, the first phase of the project will entail developing about 300 000m² over the next five to ten years.
Atterbury is the major shareholder, in association with local partners Bethel Property and Qubic 3 Dimensional Property.
With the commercial launch of Richmond Park, the installation of bulk services to the site is set to commence in October 2015. Following the first bulk earthworks, construction of the initial top structures is planned for mid-2016, while the completion of the first buildings within the park is anticipated for the last quarter of 2016.
The park’s strategic location in Milnerton, with great visibility and access to the N7 highway and other key arterial routes has sparked strong commercial interest in the development.
As part of the project, around R150 million is invested for surrounding road infrastructure upgrades and access to the park. Within the Richmond Park precinct, investors and tenants can look forward to wide boulevards and landscaping, amongst other features, that will set it apart from other business parks in the region. The precinct is being designed to interface well with the surrounding properties and neighbourhood.