South Africa’s property firm Atterbury Property said on Thursday it had partnered with Barloworld and African Rainbow Capital to redevelop Barlow Park in Johannesburg’s wealthy Sandton district into a new mixed-use precinct over 6 to 8 years.
“The initial property transaction involves each party holding one-third of the landmark site currently housing Barloworld’s corporate offices,” it said in a statement.
“The investment value will eventually climb to well over R3 billion as the total redevelopment of this sprawling corporate park is rolled out.”
Atterbury, a leading South African property investor and developer, said it would lead all aspects of the project.
Subject to zoning, the development could include around 55,000 square metres of offices, more than 780 residential units, a roughly 10,000 square metre community retail centre, as well as a hotel and a gym.
“The Barlow Park development project is ideally positioned for a positive impact on its immediate community, being located at a key connection point with the nearby Alexandra township to create local economic and job opportunities,” Atterbury said.
– African News Agency (ANA)