A new R225 million Cape office development

Artist’s impression of Citadel’s new 6 500m2 head office in Claremont, being developed by Atterbury.

National property development and asset management group, Atterbury, has secured the development of a new six-storey office building in Cape Town in its first commercial property development in the Western Cape in recent years.

When complete the building is expected to be valued at around R225 million.

The 6 500m² building will be the head office of financial services group Citadel and is being built in a prime location in Claremont, next to Cavendish Shopping Centre. It will be jointly owned in equal shares by Atterbury, Citadel and Catalyst.

Construction of the stone façade building began in August last year, and is on track and set to be complete in June 2016.

“We’re back in the Western Cape in a big way,” says 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 include 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. Bela Rosa has since been sold and is now owned by Propergation.

Atterbury has also 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, among 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 in 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 we will also be looking at new development projects and opportunities in the Western Cape.”

Atterbury’s new office development in Claremont is being funded by Investec. Most of the space in the building will be taken up by Citadel, and Catalyst will occupy the top floor.

Van den Berg says: “Citadel approached us to find a prime site and to develop a new office for it in Cape Town. The firm is currently based in Claremont and wanted to stay in the area. Catalyst became involved as it owned the site opposite Cavendish, and the development became a reality in the form of a joint-venture.

“The development is on a great site, which we managed to secure through our relationship with Broll which understands the Cape market well.”

Atterbury Asset Managers (AAM) will be responsible for the asset management on the Citadel head office building. AAM managing director, Lucille Louw, says the Citadel building is expected to become a prestigious asset in the Atterbury portfolio.

The old single-storey building that was on the site has been demolished to make way for a modern new development in an area of Cape Town that is noted for its capital and “old money”. Designed by architect Robert Silke, the new building includes stone, glass, marble and brass finishes that will create a stately feel and fit well in the area.

Silke says: “The building is based on mid-20th century “style-moderne” architecture of cities like New York. It will be the first stone panel building in the area and is designed to stand-out, conveying the solidity and presence of an investment bank.”

Van den Berg says: “Atterbury’s development will have a positive impact on the value of neighbouring properties, and is designed to fit the nature and feel of Cavendish.”

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