Greg Ardé

Durban - They're trying hard not to look like the cats who have licked the cream, but a trio of Durban businessmen who have bought the biggest chunk of land in the city's Point area can't stop smiling.

Sibusiso Ncube, Alan Burke and Michael Shannon have bought three sea-facing sites at the Point, immediately adjacent to the city's R700 million Ushaka Marine Park that will open next April.

Ushaka will be the fifth-biggest aquarium in the world and is at the heart of Durban's latest tourism venture.

The land the three businessmen have bought for R10.5 million falls under the Durban Point Development Company (DPDC), a joint venture between the city council and Malaysian-backed Rocpoint.

The trio wasted no time in buying at the Point and have already had offers that would allow them to double their money.

Said Shannon, whose firm has renovated landmark Durban buildings: "We got in there immediately and we've had great offers, even before the deal was made public."

Shannon, Burke and Ncube (the latter two have interests in electrical wholesales and security) plan to spend R49.5 million on top of the land purchase price.

They will build a hotel and conference centre on the site adjacent to the aquarium. Next to that they plan to revamp 29 historic "row houses", Edwardian-style residences built in 1906 for port workers.

The houses, ranging between 200m2 and 500m2, will be refurbished as residences and will sell from about R1.8 million.

The businessmen believe people living in the area will breathe new life into the Point.

Point project director Neels Brink said he was buoyed by the fact that local entrepreneurs were the first to become involved in the Point, for a long time an area that signified the lack of economic development in Durban.

"It shows their confidence in the area. Once phase one of the sales is complete [this purchase represents 10 percent of phase one] in the next two months, we'll go on a roadshow to Johannesburg and Cape Town," said Brink.

A key feature of the Point development will be a canal that links the Ushaka Marine Park and the DPDC. Digging on the canal started last month.

Both Ushaka and the DPDC development are being managed by Moreland, the property arm of the Tongaat-Hullett Group. Brink, a director of Morelands, was nominated to drive the Point redevelopment.

Phase one of DPDC (where Burke, Ncube and Shannon have bought) is about 100 000m2 and land sales are expected to generate about R100 million. Four times that amount is likely to be spent on construction and the city has committed R200 million in this financial year to upgrades of water, electricity and roads in the Point.

The design of both DPDC and Ushaka is themed around waterfront cafes, buildings with rustic African colours, coastal plants, and artefacts of Point history.

Ushaka has created 750 direct jobs and 3 000 indirect jobs. The Shannon, Burke and Ncube consortium will employ more than 150 people, with a specific focus on skills transfer in the refurbishment process.

Shannon said: "Restoration is extremely labour intensive. It will involve stripping of joinery, plaster, and refurbishing roofs.

"The restoration will make the row houses look like they did the day they were built, nearly 100 years ago. We're very excited about the chance to be involved in reclaiming some of Durban's past glory."

The first Point site was sold a fortnight ago to Inkatha Freedom Party-owned Mandla-Matla, a publishing company, which will house its offices in two refurbished buildings close to properties owned by the Shannon, Burke and Ncube consortium.

DPDC sales manager Colin Sher said: "I think the latest purchase has given us momentum. There were a number of proposals for the sites that they bought. The Point has attracted huge interest.

"I'm getting about five calls a week from Cape Town with people asking about residences here.

"We can offer huge value for money, as opposed to Cape Town."