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Cape Town - National property development and asset management group Atterbury has secured the development of a new six-storey office building in Cape Town.
This is its first commercial property development in the Western Cape in recent years. When complete the building is expected to be valued at around R225m.
The 6 500m² building will be the head office of financial services group Citadel and is located in Claremont, adjacent to Cavendish Shopping Centre. It will be jointly owned in equal shares by Atterbury, Citadel and Catalyst.
Construction of the building, which began in August last year, is set to be completed in June 2016.
“We’re back in the Western Cape in a big way,” said 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 included 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 said.
