Prime land in Durban's Umhlanga Ridge ready for Commercial Development

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JSE-listed sugar and property giant, Tongaat Hulett will release 42 of the remaining 62 hectares of Ridgeside, its iconic development on Umhlanga Ridge, to the market as a single transaction in the first quarter of 2014. JSE-listed sugar and property giant, Tongaat Hulett will release 42 of the remaining 62 hectares of Ridgeside, its iconic development on Umhlanga Ridge, to the market as a single transaction in the first quarter of 2014.

JSE-listed sugar and property giant, Tongaat Hulett on Wednesday said that it will release 42 of the remaining 62 hectares of Ridgeside, its iconic development on Umhlanga Ridge, to the market as a single transaction in the first quarter of 2014.

Located on the prime sea-facing slopes of Umhlanga Ridge, Durban’s first choice office location and one of the leading property investment opportunities available, the site is fully zoned to accommodate 485 000 square metres of mixed use floor area comprising 83 817 square metres of commercial space (offices, retail and other commercial uses) and 3 158 residential units (including hotel and other leisure uses).

Umhlanga precinct is 10 minutes from King Shaka International Airport and the neighbouring Dube TradePort, a core piece of public infrastructure positioned to drive investment, increase air connectivity and provide intermodal access, comprising air, sea, road and rail linkages, anchoring the emergent provincial aerotropolis.

Durban has been constrained relative to other major centres in prime real estate investment during recent years and the strategy is to accelerate the pace of development in Durban in collaboration with other role players.

“The transaction will allow a single investor or consortium to assemble a real estate asset base in the most sought after location in KwaZulu-Natal that will on completion, exceed R12 billion”, says Mike Deighton the Tongaat Hulett property executive.

Since the commencement of land conversion on Umhlanga Ridge seventeen years ago, the node has attracted over R50 billion in real estate investment, while currently 164 000 square metres of development, representing more than R3,6 billion investment value is under construction.

Tongaat Hulett CEO, Peter Staude concludes, “The timing is right for this mega property transaction initiative to be undertaken, in order to maximise investment and further increase the pace of development in the region, building on the investment platform already created.”

Tongaat Hulett is an agricultural and agri processing company with integrated components of land conversion and development. Its portfolio of prime land for conversion to urban and tourism uses in KwaZulu-Natal comprises some 8 300 developable hectares.

The company has established over 20 000 hectares of new cane lands within South Africa over the past two years, with a further 8 000 hectares underway in the current year; nearly half of this is in partnership with governments and communities supporting small scale farmers.

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