King Air Industria
Cliffe Dekker Hofmeyr is representing King Air, a much-anticipated ZAR multi-billion mixed-use development situated on 71 hectares in Cape Town, proximate to the Cape Town International Airport. King Air is part of the Atterbury Group, a distinguished commercial, industrial, and residential developer in South Africa, the rest of Africa, and Europe.
Our South Africa-based real estate team is regularly called on to advise King Air on a myriad of legal aspects concerning many diverse and changeable elements, ranging from liaising with engineers in the land use department or legal advisers from legal services at the municipality, to finalising the constitution for the property owners' association, drafting of servitudes, and plotting and registering new conditions. The development is based on a leasehold structure involving, among other aspects, the registration of a 99-year lease agreement, releasing of portions of lease areas, registrations of stand leases and cessions and assignments of shares in lease areas.
The development is of such a magnitude that it has necessitated fortnightly meetings by the development manager with the lead partner and other professionals in the development team (engineers, town planers, environmental specialists, freshwater experts, and land surveyors, among more) since 2016. Our latest mandate registered in December 2022, encompassed subdivisions, the release of the subdivided portions from the holding bond and the parent lease, a consolidation of the subdivided properties, the registration of a 99-year lease over the consolidated site and a cession of a one-half share thereof to a listed retailer in South Africa. The matter included the plotting of newly-formed conditions, the registration of servitudes by description and by means of a diagram in respect of stormwater, electricity and photovoltaic solar panels.
