KZN Development - United African Marine Insurance Brokers (PTY) Limited Aquires 20,520 SQM Retail Land at Cornubia
KwaZulu-Natal Property Development
Two sites at the Cornubia mixed-use development north of Durban, will break ground early in 2017. The land was purchased in 2014, by the property development division of United African Group for a new development.
Cornubia is Tongaat Hulett Developments highly-sought after residential and business location with rapid uptake of commercial and industrial sites by developers who recognise the development’s attributes and investment potential.
Based on the location and viability of the Cornubia property in the marketplace, United African Marine Insurance Brokers (Pty) Limited (UAMIB) acquired two sites at Cornubia Business Hub a total of 17 000m², a precinct directly opposite Investec’s Cornubia Shopping Mall which will open to trade in mid-2018.
Active in the Umhlanga commercial real estate development space since 1999, Niemesh Singh, Managing Director for UAMIB, identified the area as prime given its strategic position and location. “Niemesh positioned the group for this strategic acquisition,” said Operations Director, Nico Singh. “And, when Tongaat Hulett was ready to deliver the properties to the market our group was ideally situated to purchase these two sites.”
“UAMIB was one of the first purchasers expressing interest in the precinct having seen the potential the two sites presented for their proposed use. Their development proposal was highly aligned to both the Cornubia framework and precinct plan guidelines and Tongaat Hulett Developments were excited about the prospects this sale could unlock for both the organization, precinct and developer, “said Karen Petersen Development Director at Tongaat Hulett Developments.
Specialising in real estate development, asset management and acquisition, UAMIB has the experience and skills to develop this approximately R450 million investment to its fullest potential. Some of their key developments include recently completed Milkwood Park in La Lucia Ridge as well as Pencarrow Park.
The smaller of the two sites is to be developed as a fuel retail operation with both drive-through fast food as well as onsite retail fast food operations and will also include a high visibility motor showroom opportunity. Whilst design and usage of the larger site has not been finalised, Nico explained that the concept will be demand driven. “We’re currently engaging with a number of high profile national brands who require large format retail, showrooms and commercial office space.”
Whilst, ground breaking on the fuel retail operation is imminent with an expected construction period of 12 months, the consolidated master design for the second site is still being rationalised with the tenants and professional team who has already been appointed.
Not content to simply develop their sites, UAMIB plan to create one of the first energy and operationally efficient fuel stations and retail offerings in the market and, to this end, have started preliminary discussions with the Green Building Council SA to determine whether it can be achieved. “We intend to utilise the maximum amount of natural lighting and off-grid technology that can effectively be incorporated,” explained Nico.
There are many advantages to being part of the R25-billion Cornubia mixed-use development of housing, commercial and industrial sites but more specifically for UAMIB, “It represents an opportunity for the creation of a high value asset in a sought after node in addition to our group diversification strategy,” said Nico.
“We are delighted that UAMIB led by Niemesh Singh has bought into the precinct and believe that their development will become a destination thereby reinforcing and strengthening the precinct as a key node within Cornubia,” concludes Petersen.
Issued by: Tongaat Hulett
Shirley Williams Communications: Shirley Williams
Telephone: 031 564 7700 or 083 303 1663
Tongaat Hulett Developments: Karen Petersen
Telephone: 031 560 1900
About Tongaat Hulett
Tongaat Hulett is an agriculture and agri-processing business, focusing on the complementary feedstocks of sugarcane and maize. Its on-going activities in agriculture have resulted in the company having a substantial land portfolio within the primary growth corridors of KwaZulu-Natal with strong policy support for conversion at the appropriate time. A core element of Tongaat Hulett’s strategic vision is to maximise the value generated from the conversion of land in the portfolio by responding to key demand drivers and identifying its optimal end use for all stakeholders.
Through its sugar and starch operations, Tongaat Hulett produces a range of refined carbohydrate products from sugarcane and maize, with a number of products being interchangeable. Global sweetener markets continue to be dynamic and the business seeks to optimise its various market positions, leveraging off its current base to maximise revenue from these products. The business’s sugar operations are well placed to benefit from evolving dynamics of renewable electricity and ethanol in South Africa, and the Southern African Development Community (SADC) region. Tongaat Hulett continues to focus on value creation for all stakeholders through an all-inclusive approach to growth and development and regards its constructive interfaces with governments and society to be of significant importance.