https://www.engineeringnews.co.za

Tongaat Hulett to release prime land in Umhlanga Ridge for R12bn

Tongaat Hulett CEO Peter Staude

Tongaat Hulett CEO Peter Staude

Photo by Duane Daws

4th December 2013

By: Creamer Media Reporter

  

Font size: - +

Agricultural and agriprocessing business Tongaat Hulett will release 42 ha of the remaining 62 ha of Ridgeside, its iconic development on Umhlanga Ridge, to the market as a single transaction in the first quarter of 2014.

“The transaction will allow a single investor or consortium to assemble a real estate asset base in the most sought after location in KwaZulu-Natal that will, on completion, exceed R12-billion,” said Tongaat Hulett property executive Mike Deighton.   

Located on the sea-facing slopes of Umhlanga Ridge – “Durban’s first choice office location and one of the leading property investment opportunities available”, Tongaat highlighted – the site was fully zoned to accommodate 485 000 m2 mixed-use floor area, comprising 83 817 m2 of commercial space, such as offices, retail and other commercial uses, and 3 158 residential units, including hotel and other leisure uses.   

The company noted that Durban was constrained relative to other major centres in prime real estate investment during recent years and the strategy was to accelerate the pace of development in collaboration with other role-players.   

Since the start of land conversion at Umhlanga Ridge 17 years ago, the node had attracted over R50-billion in real estate investment, while currently 164 000 m2 of development, representing more than R3.6-billion investment value, was under construction.  

Tongaat Hulett CEO Peter Staude added that the timing was right for this mega property transaction initiative to be undertaken to boost investment and “further increase the pace of development in the region, building on the investment platform already created".

Edited by Tracy Klückow
Creamer Media Contributing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Steel Tube Export Association of South Africa
Steel Tube Export Association of South Africa

The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.047 0.083s - 136pq - 3rq
Subscribe Now