The Durban Point Waterfront, launched in 2003 on one of Durban’s most derelict and barren yet prime real estate sites, is rapidly taking shape and promises to be one of the country’s most sought after property addresses.
In the past five years as much as R1.8 billion has been committed towards investment in the development of infrastructure and building complexes. This excludes the R735 million cost for uShaka Marine World, which opened in May 2004.
Much of the renewed impetus for this development initiative has been the implementation of the uShaka Marine World project. This must-see-must-do attraction was consciously targeted at creating a development impetus for the city, and Durban Point in particular, and is regarded as the catalytic project for the 55 ha Durban Point site. The trigger for the development of Durban Point can be found in the water reticulation and purification system for uShaka Marine World and the need to return that water to the sea via a canal. This led to the idea of creating a unique water-front city within a city in which a system of canals forms the central spine of urban redevelopment and where the economic benefits of water frontage extend throughout the area.
When complete it is anticipated that the investment at the Durban Point Waterfront will be in the region of R6 billion. Most of the sites have mixed use zoning and developers are being encouraged to use the ground floor for retailing, entertainment and restaurants that open out onto sidewalks and the canals.
All the land in Phase One (185 000m² of bulk) has been sold and 17 mixed use developments consisting of residential, offices, hotels and retail outlets are at various stages of planning and construction with the residential component selling at an average price of R12 000 to R18 000 a square metre. About 90% of the completed 500 residential apartments are already sold.
Ten developments have been completed and office tenants and residents have now taken occupation. With all the initial developments being driven by the strong residential demand, the focus has now shifted to those who will be taking up the valuable retail and limited office space on offer in most of the developments. The commercial sections of the buildings offer prime positions on the ground and lower levels, with the majority enjoying canal frontage. With retail floor space comprising from 100m² to 1 500m², and office space up to 6 000m², which may be purchased with Sectional Title or just rented, the possibilities are endless.