Work starts on a multi-billion rand project in Western Cape
Category Industrial
Construction work has finally begun on a multi-billion rand mixed-use property development located in an industrial node of Milnerton, Cape Town.
Atterbury, the main company behind Gauteng’s Waterfall City, has broken new ground with the commencement of the internal works at Richmond Park for the first of two property developments on the site of the biggest land restitution in the Western Cape.
“We’re thrilled to announce the first two developments at the park, will be for CTM and Cape Fruit Coolers,” says Gerrit van den Berg, who heads Atterbury’s Western Cape operations.
The mixed-use property development is owned by major shareholder Atterbury, and partners the Richmond Park Communal Property Association (CPA), Qubic 3 Dimensional Property and Bethel Property.
While Atterbury is the major shareholder, the company is undertaking this development in Cape Town in association with local partners the Richmond Park Communal Property Association (CPA), Bethel Property and Qubic 3 Dimensional Property
One of the largest property developments in Cape Town, Richmond Park’s 300,000sqm of greenfields development rights are on an 84ha site that is part of the milestone land restitution settlement.
According to developer, the land is owned by the Richmond Park Community who were forcibly removed from it between 1972 and 1984. In 2014, the land transferred back to the Community, some 401 families representing 5,300 people spanning five generations. The Richmond Park Community leased the land to the Richmond Park Development Company and has a 25% shareholding in the development company.
Job creation is just one of the ways the Richmond Park community will benefit. Over the next five to 10 years, during its construction, the development should create some 15,000 jobs.
Atterbury is part-owned by capital-growth focused listed property fund Attacq. Historically Atterbury developed assets that Attacq then brought into its investment portfolio.
Author: SA COMMERCIAL PROP NEWS
