Uhmlanga development part funded by Nedbank

Posted On Thursday, 21 January 2010 02:00 Published by
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Nedbank Corporate Property Finance has part funded a new leisure and commercial development on Umhlanga Ridge, Durban on behalf of Zenprop Property Holdings

Zenprop is currently developing a Holiday Inn Express and prime grade offices to be occupied by BoE, with the balance of the land remaining vacant for future development.Construction of the hotel and the offices has already commenced, and the developments are due for completion by April and October 2010 respectively.

The hotel is a 240 roomed 3-star “Holiday Inn Express”, being developed in conjunction with ISO Leisure Property Holdings (Pty) Ltd (ISO Leisure), who will be co-owners of the hotel development.

The operating company for the hotel is a wholly owned entity of ISO Leisure Holdings, which is a newly formed entity to house the roll out of the Holiday Inn Express hotels across the country.

The office development comprises a three storey office complex with a total gross lettable area (GLA) of 6,420.50m². The development is split into two blocks, with each floor being joined by a covered link and parking provided at basement levels. BoE, a division of Nedbank Retail, will occupy 73% of the GLA in this development.

Key decisions in funding the development include: the excellent location of the property; the strong demand within the Umhlanga area for hotel space, as well as advantageous comparative average room rates and strong potential for high occupancies; the long-term relationship with the developer stretching over nearly 13 years, and cemented by strength of the developer and their sound property management experience.

Brian Roberts, Divisional Executive of Nedbank Corporate Property Finance said, “These are exceptional developments given that they are situated in what can be described as one of best remaining pieces of real estate on the KwaZulu Natal coast, with good macro and micro access and panoramic elevated sea views.  As this is the best remaining parcel of sea facing land in Kwazulu Natal, any developments here will escalate in value over the medium to long term.”

The property is very well located within an area known as the “Umhlanga Triangle”. The  site, being on the eastern side of Umhlanga Rocks Drive, enjoys exceptional sea views. It has frontage onto Umhlanga Rocks Drive, Ncondo Place and Ntusi Road, with the access being off Umhlanga Rocks Drive and Ntusi Road. The node forms part of the greater La Lucia Office Estate and Umhlanga Newtown Precinct, which is home to premier gated office parks, the Gateway Theatre of Shopping and the adjacent Newtown mixed use node.

A number of new developments are underway or in the planning stage, which include the two properties above and new office premises for Investec, Vodacom, BDO, Shepstone Wylie and Cox Yeats.

Last modified on Monday, 12 October 2015 16:08

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