Peter Sherwen, head of property at Group Five, says the group is still involved in the predevelopment phase but that the potential investment value of the site in Woodmead is in the order of R450 million.
Sherwen says Group Five went through a "proposal call" process and was in competition with other developers for the contract.
Sherwen says predevelopment to determine the best investment solution for the land is at an advanced stage. The site has direct exposure to the freeway.
Sherwen says there is an undersupply of land in the industrial property market and that the site is "right in the market sweet spot".
"We've been inundated with inquiries from (property space) users looking for high-profile accommodation of a light industrial nature," Sherwen says .
He says there will be a lot of emphasis on landscaping and security to ensure an attractive and safe working environment.
The Financial Mail reported last week that Waterfall City, on the northern fringes of the Johannesburg Metro, would be the biggest property development in South African history.
Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge
