Photo by: Bloomberg
A multimillion-rand logistics and retail park being developed by M&F Giuricich Developments and Fortress Property Fund, in KwaZulu-Natal, will be built this year.
The logistics park, located between the King Shaka International Airport and Durban, will form part of the N2 Business Estate, located on the northern edge of the Cornubia development.
Once completed, the total estate could create 2 400 permanent jobs and generate R45-million a year in rates income for the city.
“A logistics park of this size and nature is a perfect fit for the vision that we had of establishing the Cornubia N2 Business Estate as a prime commercial location,” said Tongaat Hulett Developments director Karen Petersen, noting that it met the criteria needed to attract tenants with specific needs, adding considerably to establishing the business estate as a prime commercial site.
M&F Giuricich Developments cofounder Florian Giuricich noted that, of the 200 000 m2 of space available, half would be allocated for logistics warehousing facilities and the remainder for retail.
“We believe the opportunity exists for this facility to meet the needs of logistics companies or major brands with significant warehousing needs. There is very little infrastructure of this nature in existence along the N2 that exploits proximity to the airport and Dube TradePort, as well as access to Durban, so we are expecting ready interest in these facilities,” he said.
Further, Giuricich pointed out that the retail component of the development would be equally attractive given the visibility from the highway, noting that there was considerable interest from large retail destination-based tenants who enjoy the prominent exposure and easy access to site from the N2 motorway.
This included some international retail tenants that are entering the South African market. Access provided by the flyover bridge network that links to the Umhlanga town centre and the amenities being developed within Cornubia itself add to the site’s retail suitability.
Giuricich noted the logistics park would be suitable for companies with larger logistics and distribution needs as the warehousing facilities will start at 10 000 m2 each. The developer would consider accommodating one major tenant with the requirement for premises larger than this minimum size. The platform design caters for this flexibility.
Construction is expected to be completed in 2018.