Nedbank has committed to investing R1-billion into a new mixed-use office and retail development in Umhlanga, KwaZulu-Natal, which is currently under construction.
The Park Square development, which is located in the fast-growing Umhlanga Parkside node adjacent to CJ Saunders Park and opposite the Gateway Shopping Centre, will have a 4-Star Green Star Design and As-Built rating and will serve as one of Nedbank Group’s flagship campuses in KwaZulu-Natal.
Nedbank KwaZulu-Natal corporate and investment banking property finance divisional executive Anand Joseph said the investment was a demonstration of its confidence in KwaZulu-Natal as a vital commercial and retail hub for South Africa.
“In addition to creating temporary and permanent employment opportunities for many people from surrounding communities, Park Square reinforces the seriousness with which Nedbank takes its responsibility to playing a vital part in the ongoing growth and development of South Africa’s economy.”
Once completed, Park Square will offer 40 000 m2 of gross lettable area of which 4 000 m2 will be for retail space, while the remaining 36 000 m2 will be commercial space - 18 000 m2 of which will be A-grade offices.
Around 50% of the office component will be occupied by Nedbank.
“We believe there is immense long-term value to be unlocked for businesses that invest in KwaZulu-Natal, and we are committed to leading by example in this regard. What’s more, the recent establishment of a presence in the Umhlanga area by many large businesses has steadily increased its desirability as a commercial base, so Park Square gives Nedbank the strategic opportunity to own its space in this fast-growing business node,” Joseph added.
The office component of Park Square spans five blocks along the perimeter of the development site, while the retail space is located at ground level surrounding a public piazza. Two levels of basement parking and on-grade parking complete the appealing and highly convenient Park Square picture.
A 16-m-wide public arcade at pedestrian level, which links the piazza to the adjacent CJ Saunders Park and gives direct access to the public road on the north-eastern side of the development, adds to the aesthetic appeal.
With King Shaka International Airport 18 km to the north and central Durban a similar distance to the south, Park Square offers ease of access to both destinations via the expanding N2 and M4 northern freeways.
“The planned expansion of the metro’s bus rapid transit [BRT] system to Umhlanga will add further to this convenience aspect, as the Umhlanga station will be located close to the development.”
He emphasised that this easy access to public transport offers the dual benefit of access for those employed at Park Square, as well as sustainable, robust foot traffic for retail tenants as the public arcade is almost certain to become a primary thoroughfare linking the BRT stop with surrounding offices and the Gateway Centre.
The Park Square is set to start occupation in the fourth quarter of 2018. Nedbank estimates that a labour force of about 600 employees will be employed during the construction of the buildings, while permanent employment opportunities will result from post-construction management and maintenance of the facilities.