THE Mt Edgecombe and Gateway precincts north of Durban are the fastest-growing residential, commercial and retail nodes in SA, says property brokers Pace Property Group.

David Green, MD of the Pace Property Group, says the Gateway shopping centre — which was developed by Old Mutual about four years ago and initially got off to a slow start — has been the catalyst for the growth in these nodes.

He says the growth in these two nodes is similar to the growth experienced in Century City in Cape Town and Fourways in Johannesburg.

Green says that Durban itself is experiencing phenomenal growth with the highest construction levels outside Johannesburg.

Although there has been a lot of development of expensive residential properties in the Mt Edgecombe area which is located on the boundaries of the Gateway shopping centre, there has been nothing in the way of lower priced residential properties for first-time home buyers wanting to come into the market.

Green says various new developments are being planned to cater for this market in the area.

Among these is Hillhead Estate, which is being marketed by Pace Rez, a division of Pace Property Group.

"Hillhead Estate is aimed at predominantly first-time home buyers where prices of three bedroom apartments start at R599000," he says.

The estate will be the first accommodation of its type in the area and will consist of about 180 units.

Green says that because of the price range and close location to the Gateway office and retail precinct, the development will be attractive to individuals working in the north of Durban and central business district.

He says all the land in the area around Gateway was historically owned by property group Moreland.

"Similar analogies are Century City which has seen major residential growth and associated office development and in Johannesburg a comparative would be Fourways.

"The positive aspects of Gateway and Century City is that they were planned. Fourways was spontaneous which creates problems like traffic congestion and insufficient services.

"Gateway and Century City are far better examples of well defined urban planning."