What has Atterbury been up to in the Western Cape?
Atterbury has been involved in various commercial and retail projects in the Western Cape over the past 15 years, including the Tygerberg Office Park, Great Westerford, Somerset Value Mart, Willow Bridge, Eikestad Mall, Garden Route Mall, to name but a few. We are currently busy with three projects, of varying sizes. The first will be completed in July next year. It’s a 6 500m², six-storey office block for Citadel that is going up across the road from Cavendish Square in Claremont. It is a joint venture between Atterbury, Citadel and Catalyst. Citadel will be occupying about 70% of the building.
What used to be on the site?
It’s replacing an old, dilapidated single-storey building with a new modern development… which will definitely have a positive effect on the value of neighbouring properties. In my opinion, it is very well designed to fit the nature and feel of Cavendish, which is the capital hub of South Africa. It’s a perfect fit for the area, with a lot of marble and glass and very high quality finishes, similar to the outstanding quality Atterbury developments are renowned for.
Atterbury also landed the contract for developing the site of one of the biggest land restitution transactions yet closed in South Africa. Tell us more about that.
Yes, we’re very proud to be associated with this project, which has been years in the making. Richmond Business Park will be a massive development in the Milnerton area on the land that used to be Richmond Park, where 401 families were forcibly removed in 1972 under apartheid policy. The land has remained vacant since then as these families (who were resettled in Atlantis and the Cape Flats) waited for compensation for almost 40 years. The families, representing around 5 300 people spanning five generations, finally had the land transferred back to them in December 2014 and will be sharing in the proceeds of the development of the land.
So what kind of development is planned?
Richmond Business Park will be built on the 85 hectares; it has been rezoned as a mixed-use commercial precinct with anticipated development similar to that of the Century City and Waterfall town planning models.
How exactly will the community benefit – the claimants are not moving back to live here, right?
No, they will not move back. The community will own 25% of the shares in the development company and will receive compensation for entering into a long-term lease with the development company. This will see every one of those 401 families being paid a lump sum. A treasury trust has also been established for the community with initial startup capital of R4 million which will be increasing with percentage contributions from each construction project undertaken by the development company. The main aim is upliftment of the community through skills development and work creation. Presently 50% of the Richmond claimants are unemployed and survive off state welfare grants. Atterbury wants to change this situation and we see this project as a catalyst for change. The Development Bank of South Africa also commissioned a socio-economic survey of the claimants and it is anticipated that this project will be a model of restitution that could be applied across South Africa to create successful and sustainable projects.
Will the project create jobs in the area?
Yes, in fact during the construction phase of the project we estimate 15 400 person years of employment, and 70 to 100 permanent jobs for the direct management of the commercial areas, once fully developed. This excludes the jobs created by the commercial property tenants.
Where exactly are you in the process? When will you move onto the site?
Well, the lease was just registered in the name of the development company a couple of weeks ago. The land has been rezoned and we are busy planning the first phase and first subdivisional area. First phase services will start after this rainy season – September 2015 – with first anticipated top structure construction commencing mid-2016.
Atterbury is also exploring a few other opportunities in the Western Cape. Watch this space for more details!
