JSE-listed Attacq, the South African retail, office and industrial REIT (real estate investment trust), on Friday, celebrating another important development milestone in its Johannesburg-situated Waterfall City with the opening of The Luna Cub -- part of its lifestyle offering.
Attacq and its partner, property developer Tricolt, hosted the grand opening of The Luna Cub, an exclusive multi-concept lifestyle destination for its residents with premium wellness, fine dining, business and leisure services. Members of the public can also make use of these facilities.
The Luna Club boasts retailers that include the well-known fine-dining restaurant, Olives and Plates, offering creative food concepts. Life Day Spa Waterfall and Trifit Wellness, are also set to open in the precinct.
Its hats off to the executive team as the commercial success of this development has garnered robust sales despite the immense challenges Covid-19 and a rapidly weakening South African economy, decimated by loadshedding.
Tim Kloeck, the CEO of Tricolt, said on Friday, “Today, it really is a celebration. The product (Waterfall City) really captivated the imagination of the buyers in the beginning because of the beautiful architecture and the design of the product. Today we start this lifestyle journey with the launch of The Luna Club.
Attacq said in a statement,“The lifestyle club further emphasises the excellent value Ellipse Waterfall has offered its investors leading to R 2.3bn in sales to date. In 2020, the joint partners highlighted that this transformative urban luxury living space would be Gauteng’s fastest-growing business node, which is 95% sold out for its first three towers; Newton, Kepler and Cassini.”
“Residents, investors and retailers alike, are attracted by Ellipse Waterfall’s ability to meet their unique requirements for ideal living. It has a diverse range of living spaces to choose from, including executive one-bedroom apartments (starting from 44m2), flagship three-bedroom duplex penthouses, offering up to 327m2 of living space, including private rooftop swimming pools. Apartments in the portfolio are selling from R 1 456 000 – R 15 400 000,” it said in a statement.
Ellipse Waterfall is strategically positioned in Waterfall City, with close proximity to schools, shopping amenities, fine dining and business district, offering unparalleled premium living.
Kloeck shed light on the sales of Ellipse, the last tower to be sold.
"We can actually see the sales of the moment. There's a cavalry charge to buy units. We had a record March -- this is in month 51 of launching the product. We've sold 40 units in March. In April, which is traditionally a month with a lot of holidays, we've sold roughly 26 units and in May we are averaging two to three units a day, “ he said.
“It's been an unbelievable partnership with a Attacq. It’s been a fantastic marriage of two people moving n the right direction, trying to do the best that they can for the city. We've had a fantastic time and we are excited about the future,” Kloeck said.
He said the retail offering was still being finalised and they were still in discussions with various players such as a coffee brand and a destination sneakers store, with a whiskey/cognac experience, among other options.
In March, the group, which also has Mall of Africa in its portfolio (and opposite the road to Waterfall City), in its half-year results for the six months ended December 31, 2022, reported a 27.3% rise in interim distributable income, boosted by higher rental income, as it reinstated a dividend to its shareholders.
Waterfall City generated 58.5% of distributable income.Waterfall precinct in the period under review, totalled 53 697m2 of gross-lettable area, with a total cost at completion of R915.4m, it said at the time.
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