Pretoria to get R6bn precinct

BOOST: SOCIAL AND ECONOMIC BENEFITS TO THE PROJECT

Mayor says Castle Gate is in line with Tshwane’s special development framework.

for us and highlights our commitment to South Africa and Pretoria, where the Atterbury growth story began 25 years ago. In fact, our very first development as Atterbury was just a few offramps from here,” he said.

Atterbury cofounder Louis van der Watt secured the land from the Carl Erasmus Trust back in 2016.

“He saw the potential in this prime 64-hectare property, and we have been working on plans since then.

“Property is a long-term investment. For successful property development and investment, it is necessary to look through the shortterm cycles and take a long-term view. We are confident in the future of South Africa and the capital city.

“With R6 billion being invested into Castle Gate over the next few years, it is certain to bring significant socioeconomic benefits for the City of Tshwane.

“We want to create an environment conducive to attracting private-sector investment, such as this, which is also in line with the metro’s special development framework.”

Mokgalapa said, following the city’s recent economic summit, a pipeline of some R10 billion in property development is anticipated to come on line over the next two years.

“The city has set up a committee to help fast track developments such as this,” he said.

“We want to move from a situation of red tape to rolling out the red carpet to attract more private sector investment into the city.”

Talis, which was founded by property entrepreneur Tebogo Mogashoa, became a 30% shareholder of Atterbury Property Fund last year, following a black empowerment deal for an undisclosed amount. Mogashoa now chairs the fund.

“I don’t believe the downward economic trend [in SA] will persist,” he told guests at the launch. “It is up to us to create positive momentum. This development is a testament to us building a future for all South Africans.”

Construction on the first phase is already underway, with the 23 000m2 Castle Gate lifestyle centre set to open next year.

The convenience shopping centre will include retail space, medical consulting rooms, offices and a Planet Fitness gym.

Retail and restaurant brands already signed on include Woolworths, Checkers and Dis-Chem.