Construction World June 2018

PROJECTS & CONTRACTS

Park Square to BENEFIT uMHLANGA RIDGE uMhlanga’s most significant new commercial and retail develop‐ ment is just seven months away from opening. Construction on the R1-billion Park Square com‐ menced in October 2016 and is • 40 000 m 2 of premium commercial and retail offerings. • Green Star Rated. • Reinforces uMhlanga’s strength as a world-class commercial hub.

mixed-used commercial space and the value proposition created by Tongaat Hulett Devel- opments and maintained by Ridge Manage- ment. Investing in Park Square is therefore certain to translate into an attractive capital investment since the development offers a combined lifestyle and business experience in this already thriving economic hub.” In this vein, investors looking for a solid commercial investment opportunity can look no further than Park Square. According to the JLL Market Study published in the last quarter of 2017, even though growth has stabilised, commercial property continues to outperform other asset classes. The im- minent completion of the nearby N2 bridge will improve traffic congestion and provide a new conduit for the Go! Durban Integrated Rapid Public Transport Network. These links will further reinforce uMhlan- ga’s strength as a world-class commercial hub and Park Square’s viability as an acces- sible and convenient lifestyle, commercial and retail destination. Already 70% complete, the Green Star-rat- ed development boasts 36 000 m 2 of premi- um P and A-grade office space, 4 000 m 2 of retail and 3 500 m 2 of open, public space. As a one-of-a-kind business-style campus, the development sets the benchmark not only as a highly attractive commercial investment opportunity in a prime location, but also seeks to holistically integrate

A djacent to the uMhlanga Ridge Town Centre’s popular Chris Saunders Park and featuring 40 000 m 2 of premium com- mercial and retail offerings, Park Square will be the first combined commercial and lifestyle development of its kind to come on stream on the Ridge in recent times. It’s also set to offer investors a sound invest- ment opportunity. Availability of premium commercial space in the precinct is dwindling. Malcolm St. Clair, General Manager of the Ridge Man- agement Associations says, “the develop- able topography in this Precinct is fully sold out with only two remaining oval sites left in the uMhlanga Ridge Town Centre. This is testament to the demand for premium due to open in November this year, according to Ken Reynolds, Director of Nedport Develop‐ ments, the developers.

professionals’ work and personal needs. The urban-inspired space’s lifestyle offer- ings and connection to the Chris Saunders Park will also attract nearby communities in- cluding the expanding neighbouring suburbs of uMhlanga, Prestondale and the sought after residential communities of Izinga and Izinga Ridge. Reynolds comments further saying, “Add in Park Square’s accessibility and location and we have a place where business owners and investors will benefit from high foot traffic, communities will benefit from its con- venient lifestyle amenities and professionals will benefit from working in a connected and vibrant space. It really is a win-win situation for everyone.” Uptake on the commercial and retail components has been positive with approx- imately 18 000 m 2 already let to Nedbank. Nedbank’s Head: GBS Property Services Group Finance, Howard Rauff reaffirmed the development’s advantages saying, “Nedbank had a requirement to consolidate into one campus site in the uMhlanga area. The Park Square development offered us the oppor- tunity of having the financial contact centre on a single floor, which is a critical success factor for running a key operation of this nature. This development is well located in a park-like environment, being close to the uMhlanga transportation hub and easy access to a variety of amenities for the staff right on the campus.” Other confirmed tenants include but are not limited to Spar, International Bank Vaults (IBV) and Mozambik Restaurant. Reynold concludes, “Park Square is an authentic, future-forward place that combines a connected and convenient work culture with a strong lifestyle and leisure offering around an open public square. Its ability to seamlessly integrate these two fundamental aspects of life in an attractive space will make a lasting positive profes- sional and social impact on the people who work here and those who live nearby. Its status as a place to gather further underpins its appeal as an exceptional commercial investment opportunity with an innovative work environment combined with attractive lifestyle and retail amenities.” 

uMhlanga’s premier retail and commercial development, Park Square, offers premium quality P and A-Grade real estate. Ultimately this will be a place where work and life meet in the most sought after business destination on the KZN North Coast.

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CONSTRUCTION WORLD JUNE 2018 JUNE 2018

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