R144m loan secured for development of Waterfall Corner Retail Centre

Nedbank Corporate Property Finance and Atterbury have struck a R144 million loan agreement that enables the development of the Waterfall Corner Retail Centre.

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Nedbank Corporate Property Finance and Atterbury have struck a R144 million loan agreement that enables the development of the Waterfall Corner Retail Centre in Sunninghill, Johannesburg.

The development – which is already under construction on the corner of Maxwell and Woodmead Drive in Sunninghill – is envisaged to become a prime neighbourhood retail centre servicing the fast-growing, upper-income residential communities and commercial developments in the greater Woodmead area.

According to Ken Reynolds, Regional Executive, Gauteng, for Nedbank Corporate Property Finance, the decision to approve the finance application was based on the bank’s relationship with and trust in Atterbury and its sound understanding of the industry.

“Atterbury has a well established history of successfully developing and managing A-grade properties that generate quality rental incomes and sustainable capital growth for its shareholders. In addition, the fact that Checkers, Woolworths and Clicks have already signed 10 year leases as key anchor tenants for Waterfall Corner strengthens our confidence that this new development will not buck this well-established success trend,” Reynolds explains.

The 9132m² Waterfall Corner Retail Centre is scheduled for completion in March 2014. The highly visible location of the centre within an established residential growth node means Waterfall Corner not only enjoys excellent short-term success prospects, but also the potential for medium- to long-term sustainable growth.

“Nedbank Corporate Property Finance’s funding and support of the Waterfall Corner Retail Centre is another good example of the bank actively engaging with its clients and communities to deliver sustainable opportunities that benefit both. This new centre is not only a solid investment in South Africa’s vital retail property sector, but also presents opportunities for the communities in and around the development area to enhance their lifestyles while adding real value to their own residential properties,” concludes Reynolds.