Tongaat Hulett to release R12bn Prime Land in Umhlanga Ridge

Posted On Thursday, 09 January 2014 08:33 Published by
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Tongaat Hulett will release 42 of the remaining 62 hectares of Ridgeside, its iconic development on Umhlanga Ridge,to the market as a single transaction in the first quarter of 2014. 

RidgesideLocated on the prime sea-facing slopes of Umhlanga Ridge, Durban’s first choice office location and one of the leading property investment opportunities available, the site is fully zoned to accommodate 485 000 square metres of mixed use floor area comprising 83 817 square metres of commercial space (offices, retail and other commercial uses) and 3 158 residential units (including hotel and other leisure uses).

Durban has been constrained relative to other major centres in prime real estate investment during recent years and the strategy is to accelerate the pace of development in Durban in collaboration with other role players.

“The transaction will allow a single investor or consortium to assemble a real estate asset base in the most sought after location in KwaZulu-Natal that will on completion, exceed R12 billion”, says Mike Deighton the Tongaat Hulett property executive.

Since the commencement of land conversion on Umhlanga Ridge seventeen years ago, the node has attracted over R50 billion in real estate investment, while currently 164 000 square metres of development, representing more than R3,6 billion investment value is under construction.

Tongaat Hulett CEO, Peter Staude concludes, “The timing is right for this mega property transaction initiative to be undertaken, in order to maximise investment and further increase the pace of development in the region, building on the investment platform already created.”

Last modified on Sunday, 09 February 2014 19:10

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