KwaZulu-Natal Correspondent
DURBAN Mandla-Matla Publishing , publishers of Zulu-language daily newspaper
Ilanga, has become the first company to acquire land in the newly released
tract aimed at boosting development of the city's waterfront project.
The Durban Point Development Company released a 15ha tract of land to the
market in April in a move the council hopes will pump about R500m into the
local economy and be the catalyst for further development of the
long-awaited waterfront.
The move followed the start of construction on the R750m uShaka Island
marine theme park in the Point area . Last year the eThekwini municipality
led the way in raising funds to facilitate this construction as part of its
programme to regenerate the area.
Last week Mandla-Matla signed the first sale agreement since the launch and
acquired a site for their new company headquarters for R3m. Mandla-Matla MD
Arthur Köningkrämer said the group would invest another R3m in upgrading and
refurbishing the two historical buildings on the site.
The site, in Escombe Terrace, contains two large Victorian houses that have
been listed by the Monuments Council. Ilanga will restore the houses to a
similar standard to that of the award-winning adjoining house currently
occupied by the Durban Point Development Company.
Ilanga has also commissioned a bronze statue of its founder, John Dube, to
be erected between the two buildings.
The Point precinct comprises 56ha of some of the most valuable undeveloped
real estate in southern Africa, and its redevelopment has been heralded as
the start of an extensive urban renewal programme for the Durban inner city.
The marine theme park, scheduled to open next April, has already committed
to a 10ha site adjacent to the land released by the Durban Point Development
Company.
Köningkrämer said the decision to move to the waterfront was regarded as a
sound business move. The company wanted to provide a stimulating work
environment for staff and clients, and at the same time demonstrate its
faith in the future of Durban by investing in new infrastructure.
Durban Point Development Company sales manager Colin Sher said the market
response to the development had been "phenomenal". Letters of intent had
been received concerning sites worth more than R50m. Most of these contained
"interesting proposals" for development and there was particular interest in
sites containing historical buildings.
Director Neels Brink said further sales announcements could be expected this
week.
Publisher: Cape Business News
Source: Cape Business News
Publishing group plans move to prime spot
Posted On Wednesday, 23 July 2003 02:00 Published by eProperty News
DURBAN Mandla-Matla Publishing , publishers of Zulu-language daily newspaper Ilanga, has become the first company to acquire land in the newly released tract aimed at boosting development of the city's waterfront project.
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