R220 million commercial property investment in Ridgeside Precinct

Posted On Friday, 04 November 2016 01:17 Published by
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Durban-based industrial property specialist, Shree Property Holdings, with a portfolio exceeding 650 000 square metres and the largest self-owned cold storage facilities in Southern Africa, is poised to break new ground in Durban's commercial market.

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The company, an established leader in developing, leasing and managing AAA-grade new generation industrial warehousing solutions, connecting blue-chip clients to key logistics supply chain nodes regionally, nationally and internationally, is set to make a R220 million investment in a 4-star Green Rated commercial development in Ridgeside, adjacent to the upmarket Umhlanga Ridge Town Centre.

Commenting during a ground-breaking ceremony on the site of the company's new 6 500 square metre development to mark its entry into the commercial property space, Mr Pran Shree, Chief Executive Officer of Shree Property Holdings, said: "Our Pran Boulevard project marks a new direction for us and is the first of several future developments, forming the foundation for our business diversification strategy."

Pran Boulevard, an iconic new addition to the burgeoning Umhlanga Ridge skyline, is being developed in the upper-most quadrant of Ridgeside, a superior sea-facing piece of real estate and one of South Africa's most sought-after urban development nodes.

Mr Pavan Shree, Managing Director of Shree Property Holdings, said: "We purchased the site three years ago with the intention of developing an iconic office complex, bringing a fresh new look to the Ridgeside Precinct. Aware that the bulk of the site was of a sufficient size to comfortably accommodate our own new headquarters, together with another blue-chip tenant, we were happy to bide our time until being able to identify the best-fit anchor tenant with whom to share this magnificent building."

The development, on one of the few remaining road frontage sites on Umhlanga Rocks Drive,

provides exceptional premium office space and is to be anchored by leading professional service company and one of South Africa's Big-4 auditing firms, KPMG. The multi-storey structure also offers two floors of 600 square metres available to the business community.

"We have named our new development Pran Boulevard after my father, Pran Shree, who is our CEO and visionary. Pran, meaning 'life,' is an especially meaningful word for our company, as we continuously strive to invest in properties which will bring new life and value to their surrounds," Mr Shree added.

Commenting on the upcoming development, architect Mr Anthony Orelowitz, of Paragon Architects, said: "Paragon Architects is excited to combine our energy with that of the Shree family to develop an office structure for Shree Property Holdings and KPMG. This synthesis of spirit will exploit the skills of both companies , which have already established themselves in their respective spheres. The Shree family has, since 2007, created successful workplace and industrial buildings in Durban. Paragon Architects is an award-winning firm with an established portfolio in Johannesburg and elsewhere in Africa and has waited to explore that space in Durban. Now is that time. This offers an exciting opportunity to explore new climates, new technology and a new life-style."

Mr Pran Shree said of his company's diversification move: "By growing our offering to include commercial components, it is our intention to introduce the same standards of excellence for which we are known in the industrial sector. We are set to bring to Durban's commercial space premium grade office infrastructure - sitting above AAA-grade offices and which is currently offered to meet high demand in Johannesburg - in line with the upmarket characteristics associated with Umhlanga."

He added: "From a residential perspective, our aim is to deliver exceptional structures by way of innovative leasing arrangements, so penetrating an untapped South African market, which has significant growth potential into the future."

KPMG's Managing Director, Mr Ugen Moodley, said of his company's relocation decision: "We regard our Durban office's move from the city to Pran Boulevard at Ridgeside as an enhancement of our brand. The 3 500 square metre state-of-the-art facilities we will take up provide for the additional space we require, the result of business growth, while offering our clients a superior experience."

Shree Property Holdings' management and leasing arm has the capacity to provide Pran Boulevard development clients with one-on-one property maintenance and business services, ensuring each enjoys 'best-fit positioning' and the optimisation of all available benefits.

The company will draw on its specialist knowledge and expertise in the development and delivery of turnkey industrial warehousing and logistics solutions and facility customisation in applying best practice to its new commercial activities, ensuring structures are finished to the highest quality.

The company's more than 650 000 square metre property portfolio is predominantly located in Greater Durban. These facilities - developed, leased and managed by Shree Property Holdings - are home to many blue-chip companies, inclusive of Samsung and Yangtze Optics Africa Cable, and positioned in prime industrial locations around the port of Durban, in Dube TradePort adjacent to King Shaka International Airport, and at Mon Trésor, Mauritius. The company has also recently commenced residential development projects in the United States of America.

Last modified on Monday, 07 November 2016 16:24

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