THE Durban Point Development Company has released a 15ha tract of land for development in a move that should pump about R500m into the local economy and be the catalyst for the longawaited waterfront.
The move follows the start of construction on the R750m uShaka Island marine theme park in the Point area at the harbour mouth.
Last year the eThekwini municipality led the way in raising funds for this construction as part of its programme to regenerate the area and stimulate economic growth.
The Durban Point Development Company is a public-private partnership between Tongaat-Hulett property arm Moreland and the eThekwini municipality (Durban city council).
The Point precinct consists of 56ha of some of the most valuable undeveloped property in southern Africa and its redevelopment has been heralded as the start of a massive urban renewal programme for Durban's inner city.
The marine theme park has already committed itself to a 10ha site adjacent to land released for development last month. The park is scheduled to open next April.
By comparison, the V&A Waterfront in Cape Town covers 88ha.
Other multimillion-rand construction projects under way in the urban renewal programme include a casino and entertainment facility at Village Green, upgrades to the International Convention Centre, and the port of Durban and Wilson's Wharf developments on the Esplanade.
With these projects, the Point creates a golden triangle of commercial, residential and tourism facilities for Durban, with the beachfront as the primary tourist attraction.
Neels Brink, project director of the Durban Point Development Company, says the company will invest more than R350m over the next five years on infrastructural development in the Point precinct.
He estimates that this will have a R2bn ripple effect on the local construction industry.
Brink says the land released for development forms part of the central spine of the site and the company will allow the market to dictate appropriate developments. The canal system around which the land has been released will be the filtration system for the oceanarium in the marine theme park.
It is due to be completed by December, when the oceanarium's pumps become operational.
Brink expects the take-up rate of Durban Point to be 30000m² a year and that the project will be sold out in a little over a decade. Once completed, he says that about half of the land will be committed to residential property and the rest to a mix of light industrial (surfboard manufacturers and repairers and marine services), commercial and retail.
Future developments include a smallcraft harbour.
Brink says the bulk of residential properties will be built along the seashore and craft harbour.
A cruise-liner terminal is also in the pipeline in a move that will upgrade the present facilities for Durban.
Brink says the uShaka Island project was the kickstart for the Point initiative, and releasing the land for development guarantees that the marine theme park will not be undertaken in isolation.
It provides long-term sustainability for regenerating the area.
The SA Monuments Council has listed several buildings within the development zone, and developers will be obliged to incorporate and restore those that fall within the sites they buy.
Any development on sites with listed buildings will have to be submitted to the council for adjudication, and the application will be reviewed on merit.
May 16 2003 07:09:11:000AM Business Day 1st Edition
Publisher: Business Day
Source: Business Day
THE Durban Point Development Company has released a 15ha tract of land for development in a move that should pump about R500m into the local economy and be the catalyst for the longawaited waterfront.
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