Seeff Amanzimtoti selling plots in Kingsburgh Commercial-Industrial Park right next to R11.5 billion
Category News
EThekwini’s quest to become an ‘automotive hub’ is fast becoming a reality, with commencement of work on the massive R11.5 billion Durban Automotive Supplier Park (DASP) in Ilovo. The Illovo area has been designated a key development location by local, provincial and national government and is a strategic economic priority.
Seeff Amanzimtoti has been awarded the mandate by local land owner and property developer Len Brown to market and sell over R50 million worth of plots in the 42 000 m2Kingsburgh Commercial-Industrial Park for commercial development. The Kingsburgh site is privately owned by Brown, who is developing several sites in the lower Ilovo region. It is strategically situated right next to the first phase of the DASP.
Says Gavin Parkins of Seeff Amanzimtoti’s commercial/industrial division:: “Kingsburgh Commercial-Industrial Park comprises nine vacant commercial-industrial plots in this excellent high-growth location. Four plots have already been sold and two are under offer, so just three are still available. The plots are sold as fully serviced, with roads, security, mains water, electrical, sewer, stormwater and telecoms infrastructure. The plots range in size from 3085 m² to around 6700 m², and are priced at R1650/m² fully serviced.
“Kingsburgh Commercial-Industrial Park is at the hub of an area which is set to experience phenomenal growth over the next 5 years. Buyers or tenants will be well placed to capitalise on this planned R11.5 bn expansion programme. The sites are platformed and construction can commence in January 2019, subject to planning approval. The area also has very strong rental demand for light industrial and commercial properties, with very limited supply. It is at the gateway to the south coastal regions and the inland areas along the R603.”
The DASP is the largest Government-driven project to be undertaken in the south of KwaZulu-Natal in the last decade, and Dube Tradeport reports that construction is set to begin in July 2019. One thousand hectares have been purchased by Dube Tradeport on the banks of the Illovo River, just 16 km from the Toyota car manufacturing plant in Prospecton, which it will primarily serve, and 22 km from Durban Harbour.
Initially more than 600 new homes are being constructed in the area, marking commencement of an extensive new residential development. Over the course of the next 5 years this multi-stage project will see almost 4000 new residential homes, 1 316 207 m2 of developable industrial land and 51 810 m2 of commercial developable land come onto the market.
Says Parkins: “All of this development will undoubtedly serve to escalate the adjacent property values as well as the demand for commercial/industrial properties. We anticipate an exciting near future for the local property market that will entice commercial development and new homeowners to this new investment node.”
Adds Brown: “This is the most exciting news for the area in decades. We’ve had nothing like this before, and I believe it’s going to affect property prices in a very positive way.”
Contact Seeff Amanzimtoti Gavin Parkins, commercial/industrial property specialist 082 624 2521 or 031 903 1234, email gavin.parkins@seeff.com.
Author: Seeff
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