Things are moving at Richmond Park, the biggest project Atterbury has embarked on yet in the Western Cape. We spoke to Gerrit van den Berg and Derrick Pautz about the big news of the moment.
What has happened on the site since we last spoke earlier this year – we believe the first building will start going up soon? What kind of building – warehousing?
We have completed the infrastructure to Phase One and given transfer to three new owners. CFC (Cape Fruit Coolers), Mustek and CTM took transfer in June 2017. We are very excited that the first building contract officially started on 1 November – Isipani Construction was appointed by Mustek as principal contractor to construct the building, which consists of an office and a warehouse.
Which other lease-holders have been signed up – or are they owners? What are their timelines for starting to build?
These deals are all leasehold deals where the remainder of the leasehold was ceded to the new leasehold owners, in this case being CFC, CTM and Mustek. We believe that both CTM and CFC are preparing to commence with construction early in 2018.
By when do you expect the first building to be complete and ready to do business?
Mustek’s building is due for completion in July 2018.
What percentage of the Park do these three represent?
There is much more space available – these three partners will only fill seven percent of the whole Park.
What is Atterbury’s role in the rest of the project? Is there more road infrastructure to complete, and will Atterbury be developing it for the clients or are they developing themselves?
Atterbury will still be responsible for the development management of the various road upgrade projects including Plattekloof and Tygerberg Valley road upgrades. We are also in charge of the Phase Two development. Atterbury is also responsible for the leasing and are meeting with various brokers and potential clients daily. The intention is to “sell” limited leasehold sites as the main intent is to develop buildings for the Richmond Investment company that will be leased to third parties. Atterbury, along with Old Mutual, are long-term holders of real estate with the intent to expand our property funds. This also aligns with the intent of the Richmond Park CPA which is made up of landowners and shareholders, to leave a legacy and annuity income for the generations to come.
What do you expect we’ll be able to see on the site a year from today, at the end of 2018?
We would hope to see at least the three buildings mentioned above completed along with Origin Park, which is a 13 000 sqm mini unit scheme that we launched recently. And by end of 2018 we also expect to have at least two more buildings, as well as the 11 000 sqm shopping center under construction.
