Barloworld, Atterbury and African Rainbow Capital have partnered as co-investors in the redevelopment of Barlow Park Campus, situated at 180 Katherine Street, Sandton.
“The initial property transaction sees each party holding one-third of the landmark site which currently houses Barloworld’s corporate offices,” the companies said in a statement on Thursday.
“The investment value will eventually climb to well over R3 billion as the total redevelopment of this sprawling corporate park is rolled out into a 130,000sqm multi-billion rand mixed-use precinct, the companies said in a statement on Thursday.”
Subject to zoning, the development is planned to include around 55,000sqm of offices, over 780 residential units, a roughly 10,000sqm community retail centre, as well as a hotel and a gym. It is being meticulously planned so each property use will enjoy peak functionality, access and visibility.
The development will be phased, and will roll out in response to tenant and market demand, with the entire project taking about 6 to 8 years to develop – after it obtains zoning approval.
“The redevelopment of Barlow Park is part of our strategic focus to maximise the use of and unlock value in all our assets,” said Dominic Sewela, CEO of Barloworld Limited.
“This will not only contribute to the achievement of our bold ambition, but will be a legacy that will deliver value over the long term.
“The relocation of the Barloworld head office from Barlow Park is a symbolic major shift in our ethos and perspective of managing for value. Our Equipment and Logistics head offices will also relocate closer to their operations. This development is one of the pivotal steps in setting the tone for our growth going forward,” he said.