PRIME land and development opportunities abound for investors keen to become part of the planned R6bn development for the Durban Point Waterfront.

This comes after the Durban Point Waterfront’s successful environmental impact assessment application earlier this year, which has revived plans to develop the area.

About R1,8bn has already been spent on developing infrastructure and complexes, excluding the R735m uShaka Marine World.

Sales and marketing manager for Durban Point Development Company and MD of Broll Property Group KwaZulu-Natal Colin Sher says: “Another four prime sites overlooking the planned small craft harbour are now available, with prices estimated between R8500 to R9500 per bulk/m², which includes basement parking.”

Also, another 110000m² of mixed-use bulk has now been made available. This consists of 40000m² shopping centre and 45000m² of hotels space, with the balance for offices and residential.

Sher says the Waterfront area is already a far cry from its pre-2003, derelict and barren land state. “Surrounded by stretches of beach, canals and prime, well-planned mixed-use developments, this will certainly become one of the most sought-after areas in the country.”

Most of the available sites offer mixed-use zoning, with developers encouraged to use ground levels for retail, entertainment and restaurants. This is ideal, considering that many are situated alongside canals.

Development is already in full swing, with all Phase 1 land (185000m² of bulk) sold and 17 mixed-use developments consisting of residential, offices, hotels and retail outlets at various stages of planning and construction.

The commercial sections of the buildings offer prime positions on ground and lower levels, with the majority enjoying canal frontage. Retail floor space ranges from 100m² to 1500m², and office space up to 6000m². This space is available as a sectional title purchase or as a rental option.

“Residents, tourists and office workers can look forward to an exciting environment. A small craft harbour, a new 234m stretch of beach, a promenade linking uShaka Marine World and a link system to connect the canal to the sea will no doubt complement the new prime beach front mixed-use developments,” Sher says.

For further information about Broll Property Group please look at our website at www.broll.com

Source: Business Day