Developed by Atterbury and financed by Nedbank Corporate Property Finance, the new super-regional mall will be the heart of Waterfall, a city situated between Johannesburg and Pretoria and developed on a scale beyond anything South Africa has known.
With its development, leading South African property developer and investor Atterbury is raising the bar for retail centres on the continent. Atterbury Property Developments MD, James Ehlers says, "Developing a mall in the heart of the fastest growing urban node in Africa created the prospect for an exciting modern landmark. Its scale, design, location and retail mix puts it at the forefront of retail developments."
With the first free-flow intersection of its size in Africa at the nearby Allandale Road exit from the N1 Highway, getting to mall is easy. Massive road upgrades also ensure easy access. Besides road transport, it is minutes away from the Gautrain Midrand Station and enjoys proximity to OR Tambo International Airport, Midrand's Grand Central Airport and Lanseria International Airport.
The two-level mall forms the hub of Waterfall Business Estate, a 1.6 million sqm large mixed-use commercial development undertaken by Atterbury and one of the most ambitious commercial developments yet undertaken in southern Africa.
The highlight of the development is the 800 000 sqm mixed-use Waterfall City at the heart of Waterfall and, at its nucleus, is the mall. The mall holds prime position in the tailor-made 330 ha new city that embraces integrated living with its live-work-shop-eat-play scope, with retail, offices, homes, hotels, a hospital, light industry and lifestyle and leisure components.
"Mall of Africa will be a visual, social and economic anchor within Waterfall City," says Ehlers.
Over 300 shops, with seven anchor tenants and a carefully considered retail mix, will create a unique retail experience. It will provide a well-balanced variety of local and international brands, services, speciality shopping, entertainment and eateries. Flagship stores for all major South African retailers will be part of its attraction. Its two levels of shopping will be matched by a two-level basement parkade.
According to Cobus van Heerden, retail director, Atterbury Property Developments, international retailers are targeted, many of whom are not yet represented in South Africa. These range from luxury brands to the more mainstream. The response from them has been good and this will further differentiate this mall from current South African malls.
"Besides its dimensions and a wide array of retail, its bespoke amenities set it apart," says Ehlers. The centre will feature valet parking, VIP lounge, spa, baby nursery and children's park and play area. He explains a mall of this scope suits the large, growing community living and working in and around Waterfall.
"An estimated 6.7 million people already live within an hour's drive from the mall, of which 4.9 million people are within half-an-hour's drive. This number will increase as the Waterfall precinct develops."
Most of this market comprises economically influential consumers - largely from the LSM 7 to 10 brackets. This puts the mall on the doorstep of many of South Africa top earners, executives, professionals and young entrepreneurs. Besides local shoppers, Ehlers notes the mall will also entice visitors to the city from South Africa, Africa and further afield.
It combines the latest international trends and environmentally sustainable materials and technologies. Its design is informed by the new urbanism principles of walkable, mixed-use environments to create a truly cutting-edge shopping centre.
"Waterfall strives to promote an integrated, eco-friendly environment which provides good quality of life. At the epicentre of this energised precinct, the mall is a beacon celebrating connected living," continues Ehlers.
The geological beauty of Africa inspires its architectural form. It reflects this, using wood, stone, glass, concrete and other natural materials. The mall's centre court takes inspiration from the forests of central Africa. Its other four courts reflect the four points of the compass on the African continent: the great lakes in the east, the oil and trade of the west, the sand of the North African desert and the mineral wealth of southern Africa.
"It sets a new benchmark in mixed-use shopping and entertainment. It forms an anchor around which a vibrant new city, with a modern new urban framework, will grow," concludes Ehlers.
Leading SA property fund, Atterbury Investment Holdings (AIH) is the major investor in Waterfall Business Estate, including the mall, with an 80% stake. "The mall is expected to contribute positively to fund's sustainable growth and performance," says Morne Wilken, CEO of AIH.
According to Ken Reynolds, Gauteng regional executive for Nedbank Corporate Property Finance, the successful conclusion of the finance deal, which is the highest ever concluded by the bank, came on the back of a comprehensive tender process. It demonstrates the high levels of confidence that participants in the South African property industry have in the company's reputation as a market leader.
"The company prides itself in providing agile solutions that enable opportunities for our clients, which has resulted in our market-leading position today. The bank and Atterbury have developed a solid business relationship over the years and we are proud of our role in enabling our client's vision for the Waterfall precinct. Our relationship is built on mutual trust and respect, an understanding of each others' business models, and a shared vision of the potential that South Africa's commercial, industrial and retail property developments have, which significantly contributes to the economic and social development of the country as a whole," says Reynolds.
