Umhlanga to welcome new developments

Umhlanga continues to grow into the premier living and tourist node in the city of Durban. The latest development to hit the map is Umhlanga Arch, created by The Multiply Group, a Durban-based global investment company. The group has a 30% stake in Imbewu Capital Partners, a company founded by CEO Gcina Zondi 11 years ago, and which acts as its BEE partner.

CEO Craig Coombe said The Multiply Group has envisaged Umhlanga Arch to be the premium multi-use development in Durban.

“Prominently positioned on Umhlanga’s Ridgeside, this R1.3bn development is one of the largest mixed-use developments in the province and will undoubtedly bolster tourism and stimulate investment into the region.”

The development includes an apartment component, a hotel, upmarket offices and various stores and restaurants.

“Not only has Umhlanga Arch sold 80% of the residential component prior to launching, but it has also attracted R350m in foreign investment to the region, confirmed an international hotel operator and engaged with a number of top retail brands,” said Coombe.

Terry Rosenberg, chairman of The Multiply Group, said: “Umhlanga Arch is going to be a place where you can live a full, productive day without having to venture from your address. Our vision was to create a lifestyle for emerging entrepreneurs, serious business people who are trying to establish a balanced homework lifestyle, and those individuals who frequent this area and aspire to live within it.”

Park Square is another mixed-use office and retail development in the area, which is being funded by Nedbank. This R1bn project is located in the Parkside node of Umhlanga, opposite Gateway shopping mall. It will house Nedbank Group’s flagship campus.

Park Square will offer 40,000m2 of gross lettable area of which 4,000m2 will be for retail usage, while the remaining 36,000m2 will be commercial space, 18,000m2 of which will be A-grade offices. About 50% of the office component would be occupied by Nedbank.