DURBAN – UMhlanga is set to witness the development of one of the most sought after sites in the area – the construction of a business and logistics park for a whopping R6 billion.

Endorsed by the KwaZulu-Natal government, the Investec Property development will be completed in three phases.

According to Investec, the development was important, especially as the demand for security and access became crucial in the transportation sector.

Joint CEO David Rosmarin said the development was a vote of confidence in the future of KZN and South Africa.

“While the property market has been challenged by the pandemic and lockdowns, industrial property, in particular warehousing and logistics facilities, have proven to be resilient.

“The growth in e-commerce has driven demand for best-in-class logistics offerings.” Rosmarin said the site was exceptionally well located, and that the logistics park and its accessibility to major arterial and alternative road networks offered a strategic advantage to users. The major infrastructure improvements and top-structure developments would also provide significant job-creation opportunities.

“It will become one of South Africa’s most pivotal logistics and distribution hubs due to its superior location, access and security,” he said.

It would be named The Brickworks, and construction was set to start mid-year. Rosmarin said the first phase of construction would result in approximately R2bn worth of infrastructure.

“Once all three phases have been developed, The Brickworks will measure in excess of 450 000m2 of GLA (gross leasable area) at an estimated value of R6bn. The reinvigoration of the factory site will bring ongoing sustainable long-term economic stimulus to KwaZulu-Natal.”

Rosmarin said The Brickworks was also a victory for eThekwini, as it formed part of the city’s Economic Development Incentive Policy, which aided investment in the city and contributed to job creation.

The Brickworks property manager, Iain Burns, said market experts had welcomed the redevelopment of the site.

“Our large platforms will allow for the construction of warehouses, up to 100 000m2 under roof. This is our biggest strategic advantage, having access to platforms of these sizes. The market has responded positively and we are in discussions with numerous users and clients,” Burns said.

The site of the redevelopment was originally the Corobrik factory that opened in 1898, which has for more than 100 years provided brick materials to a range of construction users and property developers.

Daily News

 

 

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