Nedbank Corporate's Durban Commercial and Industrial Property division has recently funded two major projects totalling more than R20 million.
The projects include the R16 million new Woolworths food market in MacKeurtan Avenue, Durban North.
David Gorven, divisional director of Nedbank Corporate's Commercial and Industrial Property says: "The project which is due for completion later this year, will comprise not only the food market itself, but accompanying line shops. With the support of an established brand such as Woolworths, as well as a strong catchment area like Durban North, the bank was faced with a project that stood on its own. Investment decisions did not rest on bricks and mortar alone, but also hinged on financial viability, location and the signing of leases."
Nedbank Corporate's confidence in the project stemmed from an existing relationship with engineers Schoombie Hartmann and construction company, Jacoby Nichol, as well as the calibre of the anchor tenant.
"We believe the Durban business climate is turning and developments within a number of important business nodes are gaining momentum, probably fuelled by recent interest rate cuts," says Gorven.
The Tuscan Mood Development at 39 to 43 Florida Road is another important project for Nedbank Corporate. This is the first new development in an area that has mainly seen refurbishment of older buildings. It is destined to house property company, JHI, together with a few tenants in adjoining smaller offices. JHI will occupy 70% of the 1 585m2 lettable space.
Gorven says: "This will be a strategic development at the bottom end of Florida Road likely to kickstart the transformation of Florida and Windermere Roads into a colourful cosmopolitan business node characterised by smaller offices, unique shops and boutique restaurants.
"There is a lot of new business in the pipeline. We are very excited about what is happening in Durban. Developments are definitely moving north and La Lucia Ridge and Ballito are taking off, but the Point will too.
"Although it has been less than a year, the merger between BoE Corporate, NIB, Cape of Good Hope and Nedbank Property and Asset Finance is bedding down nicely and we are able to take advantage of these business opportunities by offering a wider range of financing facilities and a far wider range of products," said Gorven. - The Mercury
Publisher: Mercury
Source: Mercury
