A development and investment of this enormity should dispel the "doom and gloom" sentiment around the financial state of investment in South Africa.
Development in the centre of Gauteng's Industrial hub, Midrand, is set to grow. This is the fastest growing hub in Africa. This is as a result of a R3.5 billion rand construction project undertaken on The Mall of Africa with Waterfall Business Estate forming the focal point of the development by Atterbury Developers. This development will see Midrand's infrastructure being optimised and will add value to residential property in the surrounding areas including Centurion. This is a development consisting of retail and mixed use, boasting 330 ha of land use.
This is to date, possibly the single biggest development in Africa, showing investor confidence and also reflects the stability in interest rates and consumer disposable income.
With the Gautrain Midrand station and the Allandale Road intersection minutes away, access to and from the mall will see many visitors to the area along with Grand Central Airport nearby. This will be a focal point and major attraction to the Midrand area.
With 6.7 mill people taking up residence within an hour from the area, this development could possibly drive the market for further development within the private residential market or increase the demand for the area. The N1 highway serves the route to the north of Gauteng's Pretoria suburbs and to the south.
Investor sentiment is echoed in an investment of this scale, and we can be sure that development partner Nedbank has done exhaustive research on the feasibility of investing in this project. This is in my mind also an indication that foreigners are willing to invest in South Africa as a growing secure market. Retail space in this development will cater for both international designer brands and local brands.
This Midrand development will boast retail, hotels, hospital and other social amenities. Midrand truly is a "one stop shop and live experience".
Statistics and information from Atterbury Investment Holdings.