As part of its new partnership with investment giant Old Mutual, Atterbury will be developing a new highly visible industrial park on the N1 South alongside the SA Mint in Midrand. We spoke to development manager Derrick Pautz about what is potting on the Old Mint site.
What exactly will be built on the site?
Old Mint will be an industrial park with a small office component, that we are developing in a 50/50 joint venture with Old Mutual Properties. We aim to develop about 62 000sqm of bulk. The Gauteng Department of Roads and Transport is also planning to implement major upgrades to the existing old Pretoria-Johannesburg Road (K101), taking it from a single-carriage road to a four-lane dual-carriage road. This will have a positive impact on traffic and access to the development.
Why the name Old Mint?
You may think it’s because the site is adjacent to the SA Mint, but you’d be wrong there was no pun intended! The land has been owned by Old Mutual for many years, which is where the “Old” part comes from, and the site was earmarked back in the ‘70s for the development of a peppermint factory, which was never built – from there the “Mint” part. This is the first land deal that we’ve done as part of the partnership with Old Mutual, so we are looking forward to the project and working with the Old Mutual team, paving the way for many more such partnerships to come.
What is currently on the site, and how big is it exactly?
The site is about 12.5ha and is currently bare. We have fenced the site and placed a marketing banner and will start importing fill for the future platforms in shortly.
When are you hoping to complete the project and open for business?
We will start with the servicing and infrastructure development early in 2017 with the aim to be complete by June 2017. Top structure will be rolled out as deals are realised over the next three to five years.
Does the site in Midrand present any specific geographical or geological issues that you have to consider?
The area is not negatively affected by poor subsoil conditions, but has underlying granite, which is definitely something one considers in the design of the platforms, as that can make earthworks cumbersome.
And are there other challenges that you foresee?
We are within 500m of a wetland so have had to apply for a water use licence in order to install the sewer connection to the SA Mint. Other than that, we are good to go.