Seeff Umhlanga offers land and new Micropark smaller industrial units in Cornubia hotspot in KwaZulu
Cornubia - often referred to as KwaZulu-Natal's brand new city - is a vast residential, commercial and industrial property development just inland from Durban's high-end Umhlanga Rocks and 4 km from Umhlanga Ridge. Cornubia Industrial and Business Estate is set to emerge as a premier industrial location north of Durban. The Estate provides good access to all major roads and freeways, with newly - built interchanges that link it to the province's main routes such as the R102 and the N2, and it is close to King Shaka International Airport. This makes it ideally located for warehousing and logistics, with superb exposure from the road for businesses situated there. Brett Botsis, Sales Director and Licensee of Seeff Umhlanga says that a client’s acquisition of 16 hectares of industrial land at Cornubia means that Seeff Umhlanga can now offer various pieces of land for sale. “These range in size from 6 900 m2 to 15 000 m2 at R1595/m2 - and our client is willing to undertake turnkey development for lease occupation opportunities, or third-party ownership at Cornubia.” Apart from this opportunity, Seeff Umhlanga has also just announced the launch of Micropark, the first industrial park offering smaller, ‘micro’ industrial units in Cornubia. Phase 1 has 36 units ranging in size from 134 m² to 296 m² (average size 180 m²). Says Botsis: “Units in this new industrial park will be sold on a traditional sectional title basis. An observation at the recent Boulevard Business Park development in Cornubia was that resales of smaller units included in the overall development were snapped up quickly at premium prices. This inspired the inception of Micropark in response to the high demand for smaller (sub 300 m²) industrial units. “The financial dynamic of building smaller units, each with their own ablutions, entrance, distribution board, staircase and so on, does push up the cost of construction. The selling price starts from R1.25m (excluding VAT) for a 134 m² unit, for occupation in April 2017. We believe that these smaller units will present an extremely attractive offering to both end users who are looking for a lower gross investment as well as to investors who can command a higher gross rental per square metre. “This development will be built in two phases, but if demand results in a sell-out of Phase 1, Phase 2 will follow immediately thereafter and it will be completed as one development. There is not much comparative product in the greater Durban area, but in Ballito micro parks have proliferated and command high rentals.” Investec Bank is providing development bond finance for this project and their deposit requirements will vary from 20% to 30% of purchase price excluding VAT, depending on purchasers’ balance sheet strength. Consolidation of the commercial and residential districts and the industrial township at Cornubia was further cemented with the recent opening of a bridge link to the busy R102. Contact Seeff Umhlanga Sales Director and Licensee Brett Botsis on 084 583 1961 or 031 561 1090; email brett.bot@seeff.com
