By Nicola Jenvey
After decades of delays and controversy, the city's Point Waterfront precinct is taking shape with phase 1 of the redevelopment sold out.This follows research released last year by YDL Property Wealth Education showing that Durban properties trade at significant discounts to comparable cities internationally. This offers investors some of the cheapest coastal real estate available anywhere.
Comparative pricing indicated the Point precinct offered luxury apartments for R22000 a square metre against the R33000 a square metre demanded for apartments on the Umhlanga Ridge and R50000 a square metre to R68000 a square metre in the Victoria and Alfred Waterfront.
The eThekwini Municipality identified the Point as the third leg in the public sector investment initiative, linking the area with the central business district around the International Convention Centre and the Suncoast Casino site to the north.
Public sector investment into the three nodes aims to precipitate exponentially greater private sector capital to boost economic development for Durban.
The move is also expected to rejuvenate the city's domestic tourism market by creating new products and interests.
This would become another pillar alongside the growth in business tourism experienced in the decade since the convention centre opened its doors.
Phase I of the Point redevelopment involved 15 land parcels launched several years ago, and have translated into multibillion rand properties on the key sea and harbour view sites.
These include the renovation by Blue Plum Developments of 29 Edwardian row houses - originally incorporating the old Port Supervisors' residences - to create Dock Point.
Blue Plum Developments director Michael Shannon said that the two-year project on the houses initially built in 1906 was SA's largest Edwardian reconstruction to date. More than half of the properties have been sold, commanding prices between R3,25m and R3,75m.
The company also developed the contemporary apartment block Marine Point with apartments on the market for up to R2,5m. Last year the Point Bastille, Dock Point and The Quays on Timeball developments were completed.
Point Bastille developer Horst Keil said the former derelict structure had been the jail built in 1932 to house black prisoners who were serving out their time as dock workers.
The "challenging redevelopment" converted the listed entity into apartments, shops and restaurants while respecting the historic value.
Key Projects director Greg Cryer said the R120m Quays and R160m Quayside on Timeball developments were sold out before construction began, while the Quaywest Hotel development brought to the market the opportunity for investment into a hotel room pool.
The trilogy accounted for 24% of the 15000m2 of the retail space and 8000m2 of the office space for phase I.
Among other developments also bearing witness to the redevelopment of the area were: the R400m Shaka's Gate with 220 apartments and penthouses; The Sails on Timeball, which was among the largest developments in the precinct, with 170 apartments as well as retail, entertainment and office accommodation and a hotel; and the R80m Dolphin Whispers commercial and residential development.
Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge
