15 January 2013
Standard Bank South Africa finances construction of Group Five's new Head Office
Standard Bank South Africa has finalised a R408 million financing arrangement for
leading commercial property investor and developer, Atterbury Property Group, to
construct a head office block for engineering and construction firm Group Five at
the Waterfall Business Estate development in northern Johannesburg.
According to Marvin Nair, Manager for Real Estate Finance at Standard Bank South
Africa, Waterfall Business Estate is seen as one of the biggest and most ambitious
commercial property developments currently being undertaken in South Africa.
Waterfall Estate spans both sides of the N1 highway, from Woodmead Interchange through
the bustling Buccleuch Interchange to Allandale Interchange and is viewed as a key
development node over the next 10 years.
It consists of a 1.8-million square metre mixed-use commercial development, with
the rollout over the next 14 years valued at well over R25-billion. Within easy
proximity to Pretoria, Sandton and Johannesburg, there are a number of businesses
looking to operate from the estate.
Atterbury has development rights over the commercial components within the Waterfall
Business Estate. To date, Standard Bank South Africa has also provided finance of
R54 million for the construction of new head offices for technology group Altech
and R116 million funding for bulk services of their industrial campus, as well as
funding of R243 million for bulk services for the Waterfall CBD, which will house
the development of a super-regional mall to be called Mall of Africa.
With accessible commercial and residential space at a premium, this new node of
development is strategic to the growth of Johannesburg consolidating the north-south
development corridor as Johannesburg and Pretoria converge.
"We have developed a great working relationship and we look forward to continuing
to work with the Atterbury Group as the Waterfall Estate continues to develop,"
says Mr Nair.