Atterbury breaks ground on $396m Castle Gate precinct in Pretoria
October 08, 2019 – South Africa-based property management company Atterbury has broken ground on ZAR6bn ($396m) Castle Gate mixed-use precinct in Pretoria, South Africa.
Castle Gate is co-developed by Atterbury Property Fund (APF) and The Carl Erasmus Trust. APF is co-owned by Atterbury, its management and founders as well as Talis Investment Partners.
The firm said that the precinct is strategically important to support the development of Tshwane City.
The project comprises 100,000m² of office space, 40,000m² of specialist medical facilities, and a hotel as well as 1,100 residential units, and a 23,000m² convenience retail centre.
Castle Gate also includes eight hectares of protected green areas that comprise walking and running trails.
The company said that 20,000 permanent jobs are expected to be created as a result of the development.
Atterbury development manager Raoul de Villiers said: “Castle Gate is a once-in-a-lifetime development opportunity with an excellent location in a key growth node and a unique proposition that has the support of its city and is being welcomed by its community.
“For successful property development and investment it is necessary to look through the short-term cycles and take a long-term view.”
The 23,000m² Castle Gate Lifestyle Centre, the first phase of the precinct, is already under construction.
The convenience centre is expected to open in September 2020 and will include retail, medical consulting rooms, offices and a gym.
Castle Gate Lifestyle Centre is expected to include Woolworths, Checkers, Dis-Chem and Builders Warehouse, as well as 10 restaurants, including Rocomamas, Doppio Zero, Spur, Ocean Basket, Nando’s and Burger King.
The Lifestyle Centre will also have a Planet Fitness gym with a swimming pool, and an outdoor walking and running track through the precinct’s nature area.
The second phase of the Castle Gate project road upgrades includes the construction of a new highway bridge across the N1, between Castle Gate and Hoërskool Waterkloof.
The project is expected to be developed over the next decade, while the second phase is scheduled to begin in mid-2020.