Search Property For Sale

Investing in KZN: Cornubia

Google+ Pinterest LinkedIn Tumblr +

When Makro opened the doors of its 19 000m² Cornubia Ridge store, the bulk retailer effectively launched Durban’s latest logistics park, geared towards growing the local economy.

Situated on the western side of the N2, phase one of the R1 billion Cornubia Ridge Logistics Park is expected to be completed this year.

Being developed by JSE-listed company Fortress REIT and M&F Giuricich Developments, the initiative can potentially bring 120000m² of A-grade logistics property to the market.

The multimillion-rand Cornubia Mall has brought new shopping experiences to the Umhlanga-Cornubia zone. Picture: Terry Haywood Photography

The park is close to Dube TradePort and the special economic zone, with Fortress REIT development manager Konrad Kohler saying last year this would support customers’ logistics and supply-chain strategies.

More broadly, Cornubia is among the latest developments along Durban’s northern corridor, and the new Umhlanga-Cornubia interchange and Cornubia Boulevard Bridge straddling the N2 to link the two zones, has triggered substantial investment in the past year.

According to Tongaat Hulett Developments, the original owners of the land, Cornubia is a joint project between them and the eThekwini Municipality to create a mixed-use urban settlement. In its entirety, Cornubia is expected to create 45000 permanent jobs and contribute R25bn to the national economy.

The logistics park or Cornubia N2 Business Estate brings 29ha of serviced and platformed land to the market immediately adjacent to the N2 and opposite the Umhlanga Ridge New Town Centre as that zone expands northwards to open up the newly-named Umhlanga Hills precinct.

Park Avenue Umhlanga is among new residential complexes in the Umhlanga-Cornubia zone.
Picture: Terry Haywood Photography

Umhlanga Hills is within the south-eastern quadrant of Cornubia Integrated Human Settlements and along the Cornubia Boulevard Go!Durban transport route. Positioned as a high-quality, higher-density, affordable living environment, Umhlanga Hills will provide for more than 180000m² combined bulk, comprising 2500 units through mixed use. The area will also include medium and high-density residential zones.

Tongaat Hulett Developments says the business estate will accommodate a wide range of shopping, business, commercial, residential and social activities.

Last year, Fortress REIT chief executive Mark Stevens said being close to Umhlanga’s thriving business hub, King Shaka International Airport and Dube TradePort, the zone positions tenants near retail hubs, trade ports and the main transport routes in KwaZulu-Natal.

Luxury houses are under construction on the eastern side of the N2. Picture: Terry Haywood Photography

Rental space can be found in various sections of Cornubia.

A 23293m² warehouse constructed next door to Makro comes to the market for R70/m², while another new industrial property measuring 1075m² is available for R75/m².

“There is a shortage of land for the development of prime logistics facilities such as the Cornubia Ridge Logistics Park in the greater Durban area, while the connection to the Gateway precinct, via the Cornubia Boulevard Bridge, translates into this being an ideal location to service logistics hubs in northern KwaZulu-Natal, as well as Durban,” Kohler says.


About Author