An exciting mixed commercial portion of land ideal for a range of commercial, retail and business park development is being made available by Tongaat Hulett Developments, the property development operator within the Tongaat Hulett stable.
The new release forms part of the greater Cornubia development, a multibillion rand collaboration between the eThekwini Municipality and Tongaat Hulett. The first of its kind in KwaZulu-Natal, Cornubia is a fully integrated human settlement development.
The opportunity, representing 85 000m2 of commercial bulk, comprises five stands of varying sizes and is situated immediately to the north of the upmarket Mount Edgecombe Estate, forming part of the western expansion of Umhlanga Ridge. Located adjacent to Investec’s new Cornubia Shopping Centre currently under construction and the future Cornubia Town Centre, the site is expected to benefit from enhanced access due to interchange upgrades. The N2/M41 interchange is currently under construction and the new Flanders/M41 interchange is scheduled to commence in September 2015, for completion in February 2017. Other arterial connections in the pipeline include a link to the Umhlanga Ridge Town Centre and the N2 via a further interchange on the N2 to the north of Gateway.
In the heart of Durban’s northern development zone, the site is also located on the GO!Durban route, eThekwini’s Integrated Rapid Public Transport Network, which will provide convenient access for staff and customers alike. Well-established businesses currently operating on Flanders Drive, which flanks the Cornubia Business Hub, include Sage, several motor dealerships such as BMW and Kempster Ford, as well as Mount Edgecombe’s Virgin Active gym.
“We are looking to sell this to prospective developers who would be able to construct suitable facilities for a range of end users. We believe that this represents an approximate R3-billion investment opportunity for the right entity,” explains Mike Deighton of Tongaat Hulett Developments. This entity could ideally develop the entire precinct, maximise the opportunity and, by acquiring early access to a highly attractive precinct likely to shape the future of the surrounding area, play a leading role in the expansion of Umhlanga Ridge over the next few years.
Karen Petersen, development director responsible for Cornubia says, “The bulk earthworks contract has already commenced and is expected to be completed in November 2015. Construction of internal services – such as roads, telecommunications, water, sewerage and electricity – is anticipated to start in October 2015.”