A portion of land suitable 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 formed part of the greater Cornubia development, a multibillion-rand human settlement development that was the result of a collaboration between the eThekwini municipality and Tongaat Hulett.
The 85 000 m2 site comprised five stands of varying sizes and was situated immediately to the north of the upmarket Mount Edgecombe estate, forming part of the western expansion of Umhlanga Ridge.
Bulk earthworks on the site was already under way and expected to be completed in November 2015. Construction of internal services, such as roads, telecommunications, water, sewerage and electricity, was expected to start in October 2015.
“We are looking to sell this to prospective developers that would be able to construct suitable facilities for a range of end-users. We believe that this represents up to a R3-billion investment opportunity for the right entity,” commented Tongaat Hulett Developments development head Mike Deighton.
Located adjacent to Investec’s new Cornubia Shopping Centre, currently under construction, and the future Cornubia Town Centre, the site was expected to benefit from enhanced access owing to interchange upgrades.
The N2/M41 interchange was under construction and development of the new Flanders/M41 interchange was scheduled to begin in September 2015, for completion in February 2017.
Other arterial connections in the pipeline included a link to the Umhlanga Ridge Town Centre and the N2 through a further interchange on the N2 to the north of Gateway.
In the heart of Durban’s northern development zone, the site was also located on the GO!Durban route, eThekwini’s integrated rapid public transport network.
The company has called for prospective buyers to submit offers by September 8.