Atterbury has commenced construction of the first phase of the prime new multi-billion Rand Castle Gate mixed-use precinct in Pretoria.
A large-scale modern, multifaceted development, Castle Gate will ultimately comprise 100,000sqm of office space, 40,000sqm of specialist medical facilities, and a hotel as well as 1,100 residential units, and a 23,000sqm convenience retail centre. The precinct will also include eight hectares of protected green areas that will incorporate walking and running trails.
Castle Gate is being co-developed by Atterbury Property Fund and The Carl Erasmus Trust. Atterbury Property Fund is co-owned by leading property developer and investor Atterbury, its management and founders as well as Talis Investment Partners. Castle Gate is considered a strategically important project by the City of Tshwane, which supports the development.
Upon completion, the Castle Gate project is expected to represent a total investment of R6bn and 20,000 permanent jobs will have been created as a result of its development.
Raoul de Villiers, Atterbury Development Manager, says, “Castle Gate is a once-in-a-lifetime development opportunity with an excellent location in a key growth node and a unique proposition that has the support of its city and is being welcomed by its community.”
He adds, “For successful property development and investment it is necessary to look through the short-term cycles and take a long-term view. We are confident in the future of South Africa and proud to invest in the country that we love and the City of Tshwane where Atterbury started. We are thrilled to be working with great partners and believe that this project will have a massive positive impact that creates meaningful value.”
Applying its astute analytical approach, Atterbury identified the landmark property belonging to the Erasmus family on the last portion of the original Waterkloof farm in Pretoria as an exciting opportunity for a unique and sizeable infill development.
The future of this historic piece of land has been a long time in the planning, and it has taken the past three years alone to ensure all the necessary approvals and planning are in place to commence the first phase of Castle Gate.
For those asking ‘why make such a large, long-term investment in South Africa now?’ Tebogo Mogashoa, Chairman of Talis Holdings, answers, “At Atterbury Property Fund we seek to continuously challenge conventional wisdom. As South Africans, we cannot be passive observers to the story of our country. We are the protagonists. It is up to us to create the positive momentum that will lead to a meaningful, long-lasting positive impact on our country. The approximately 20,000 sustainable employment opportunities that will be created as a result of the Castle Gate project is a testament to our commitment to building a better future for South Africans.”
The Castle Gate precinct’s inspiring launch was attended by Premier of Gauteng David Makhura, Mayor of the City of Tshwane Stevens Mokgalapa and Tshwane MMC for Economic Development and Spatial Planning Isak Pietersen.
Makhura visited the site to pledge his support of the development and he was particularly impressed by the sheer size and value of the Castle Gate project, and the significant positive economic impact it is set to have on the Gauteng province.
Mokgalapa applauded Castle Gate and its co-developers saying, “This is a classic public-private partnership. I endorse this development which is aligned with the city’s strategic pillar of economic growth, development and job creation. Castle Gate will bring significant socio-economic benefits for the Gauteng province and the City of Tshwane.”
Mokgalapa added that it is the city’s responsibility to create a conducive environment for private sector investment to address economic stagnation and unemployment. As this is a strategically important investment for the city, he committed to ensuring the development of Castle Gate is dealt with in line with Tshwane’s new vision to move from red tape to red carpet to enable property developments are delivered on time.
The 23,000sqm Castle Gate Lifestyle Centre, which is already under construction and its first structural columns can be seen rising out of the ground, makes up the first phase of the precinct to be developed. The convenience centre will open in less than a year from now, in September 2020, and include retail, medical consulting rooms, offices and a gym.
Castle Gate Lifestyle Centre will include to the latest store concepts for Woolworths, Checkers, Dis-Chem and Builders Warehouse, as well as ten restaurants including Rocomamas, Doppio Zero, Spur, Ocean Basket, Nando’s and Burger King. It will also have a Planet Fitness gym complete with a swimming pool, as well and an outdoor walking and running track through the precinct’s nature area.
Inspired by openness, convenience and simplicity, Castle Gate Lifestyle Centre is designed with a farmhouse feel that is rustic yet industrial and includes a focus on outdoor green areas. In harmony with the environment, eco-friendly building designs are being put forward wherever possible and most, if not all, of the buildings in the precinct are expected to include solar energy generation.
For residents in the east of Pretoria, the convenience of the centre’s offering will only be surpassed by the convenience of its exceptional location and effortless accessibility. Castle Gate enjoys a prominent position adjacent to the N1, and it will be easily accessible from Solomon Mahlangu Drive, which is already in the process of being widened and upgraded as part of the development.
The major roads and infrastructure upgrades will be life-changing for the locals and commuters who have been asking for a solution to the ever-worsening traffic congestion in the area for two decades.
The second phase of the Castle Gate project road upgrades includes building a new highway bridge across the N1, which will make it possible to introduce double lanes in both directions on Solomon Mahlangu Drive, between Castle Gate and Hoërskool Waterkloof. This significant part of the Castle Gate precinct project is consistent with how Atterbury adds value to an entire area when it invests.
Castle Gate will be a prominent and highly desirable location for businesses, especially corporate head offices, with improved traffic flows and the benefit of excellent access from the N1 and also the R21 highway, which offers a short 25 drive-time to OR Tambo International Airport. Added to that, Castle Gate is a mere 10 minutes from the Pretoria Gautrain Station and 15 minutes from the Pretoria CBD, and well served by public transport.
The entire precinct is expected to be developed over the next decade and the second phase of Castle Gate is planned to begin in mid-2020.
Source: Propertywheel.co.za | https://propertywheel.co.za/2019/10/atterbury-breaks-ground-for-multi-billion-rand-mixed-use-precinct/