FNB invests over R400 million in Kwazulu-Natal Development

Posted On Wednesday, 03 July 2013 15:42 Published by Commercial Property News
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First National Bank, celebrated the ground breaking of a new office development, valued at R430 million in Umhlanga, Kwazulu Natal. 

FNB Acacia HouseThe complex will be named FNB Acacia House and will become a regional office for FNB, RMB and other divisions within the group.

Honourable Michael Mabuyakhulu, MEC of Economic Development and Tourism in Kwazulu Natal, today participated in the soil turning ceremony reinforcing the support that the city has provided the project to date. In his keynote address, the MEC congratulated FNB for its commitment to the growth of the province and their vision and investment into South Africa. "The commitment by FNB to invest in the City's sustainable economic development standards has been commendable" he said.

The development will comprise of four parking levels, a ground floor and five office levels which will house 800 employees. The building will have a total construction area of 44 822m2 with a rentable office area of 14 800m2.

Encompassing environmental best practice methods, the development will enjoy extensive green energy saving efficiencies in the primary, electrical and mechanical installations. The project will aim at achieving a four star "by design" and "as built" green rating. The building incorporates construction, design and operational practices that reduce and eliminate the negative impact of development on the environment.

Speaking at the ground breaking ceremony of the construction of the building, FirstRand's CEO, Sizwe Nxasana, explained that the banking group considered FNB Acacia House to be far more than merely another city building. "Kwazulu-Natal is South Africa's second largest economy and is well positioned in the agricultural resource-intensive manufacturing sectors, tourism and accommodation sectors. Our investment is an extension of our continued commitment to investing in the development of the city and region, creating much-needed jobs in line with government's employment development and social upliftment agenda"

The development has been designed by the architects Bentel Associates International and the principal contractor is WBHO. The building is due for completion in November 2014.

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