Leading national property development and asset management group, Atterbury, has secured the development of a new six-storey office building in Cape Town in its first commercial property development in the Western Cape in recent years. When complete the building is expected to be valued at around R225 million.
The strikingly-designed 6 500m² building will be the head office of financial services group Citadel and is located in a prime location in Claremont, adjacent to Cavendish Shopping Centre. It will be jointly owned in equal shares by Atterbury, Citadel and Catalyst.
Construction of the stone-façade building, which began in August last year, is on track and set to be complete in June 2016.
“We’re back in the Western Cape in a big way,” says Gerrit van den Berg, Atterbury’s development manager for its Western Cape developments. “This project for Citadel is our first new commercial property development in the Western Cape since 2010, and we have several other major new developments on the drawing board or being finalised.”
The previous development and asset management projects that Atterbury led in the Western Cape include the refurbishment done at the Eikestad Mall in Stellenbosch, which was completed in 2013 as well as Bela Rosa Mixed used development in Durbanville, which was completed in 2010. The latter has since been sold and is now owned by Propergation. Atterbury has been involved in various commercial and retail projects in the Western Cape in the past, including the Tygerberg Office Park, Great Westerford refurbishment, Somerset Value Mart, Willow Bridge and Garden Route Mall in George amongst others.
“There is no doubt, the Western Cape is back on our radar,” says James Ehlers, Managing Director of Atterbury Property Developments. “Other developments such as Mall of Africa, within the Waterfall City mega development in Gauteng, and projects in several other African countries and more recently Europe, have kept us busy in recent years. These will continue to be key projects for us, but so will be new development projects and opportunities in the Western Cape,” he adds.
Atterbury’s new office development in Claremont is being funded by Investec. The majority of the space in the building will be taken up by Citadel, while Catalyst will take up the top floor.
Van den Berg comments: “Citadel approached us to find a prime site and to develop a new office for them in Cape Town. They are currently based in Claremont and wanted to stay in the area. Catalyst became involved as they owned the site opposite Cavendish, and the development became a reality in the form of a joint-venture.”
He adds: “Atterbury’s tagline is “it’s a matter of association”, so we are particularly proud to be working with noted financial brands Citadel and Catalyst on this project. The development is on a great site, which we managed to secure through our relationship with Broll who understands the Cape market well.”
Atterbury Asset Managers (AAM) will be responsible for the asset management on the Citadel head office building. Lucille Louw, Managing Director of AAM says: “AAM’s proven track record in successfully managing multiple projects in South Africa as well as beyond our borders, will ensure that the Citadel building will become a prestigious asset in the Atterbury portfolio.”
The old single-storey building that was on the site has been demolished to make way for a new modern development in an area of Cape Town that is noted for its capital and “old money”. Designed by architect Robert Silke, the new building includes stone, glass, marble and brass finishes that are aimed at creating a stately feel and fits well in the area.
Silke comments: “The building is based on mid-20th century “style-moderne” architecture of cities like New York. It will be the first stone panel building in the area and is designed to stand-out, conveying the solidity and presence of an investment bank.”
Van den Berg concludes: “Atterbury’s development will definitely have a positive impact on the value of neighbouring properties. It is very well designed to fit the nature and feel of Cavendish, which is the capital hub of South Africa.”