More office and retail space for Umhlanga

Umhlanga still offers developers opportunities while people continue to leave Durban’s CBD in search of a better lifestyle, says Ken Reynolds, director of Nedport Developments.

He is developing Park Square, a R1bn mixed-use development that will open in Umhlanga in November.

Reynolds, formerly of Nedbank Corporate Property Finance, said Umhlanga had over the past few years reached a critical mass in terms of residents and businesses, which was now large enough to support Park Square.

“Park Square is an ambitious project for Umhlanga, which has been a long time coming. We have seen Umhlanga, and in this case Umhlanga Ridge, develop into an impressive node in Durban. Many people left the CBD in search of a life closer to the coast and that is what Umhlanga offers,” he said.

Park Square lies adjacent to the Umhlanga Ridge Town Centre’s Chris Saunders Park and features 40,000m² of premium commercial and retail offerings. It will be the first combined commercial and lifestyle development of its kind to come on stream on the Ridge in many years. As much as 4,000m² would be for retail, including restaurants, bars, shops and a gym and hair salon. Up to 36,000m² could contain premium and A-grade office space.

Reynolds said the retail space was about 75% let and more than 60% of the offices were let.

Nedbank will occupy about 50% of the office space and the private vault operator International Bank Vaults will also open an office in Park Square. Spar has been signed as an anchor retail tenant, occupying 1,500m² of the retail space.

Property economist Erwin Rode said that Umhlanga and its surrounds — such as Umhlanga Ridge — had become a hub for Durban as the city centre had struggled due to a lack of new investment.

“While in time the CBD may gain some momentum, Umhlanga is becoming the Sandton of Durban.

“Gateway Theatre of Shopping, which is one of the largest shopping centres in SA, is at the heart if it. Therefore a new development with a strong office component will be supported by the mall and also new residential in the burgeoning node,” he said.