WATCH: R1bn commercial and retail estate to open in Durban
DURBAN - Park Square is R1 billion development that will be based in uMhlanga Ridge, Durban.
The development which will be completed by November 2018 is both a retail and commercial estate. Park Square will have 36000 square metres of P and A-grade office spaces and 4000 square metres of retail space and 3500 square metres of open space.
The retail part of the development will be used for restaurants, bars and shops and there will be a 16-metre wide public walkway that will connect the square to the nearby CJ Saunders Park. The walkway will also provide access to the public road on the eastern side of the development.
In terms of office spaces, businesses will have the option of either leasing or buying space. About 18000 square metres of office space has been let to Nedbank already.
Howard Rauff, Nedbank's Head of GBS Property Services said that the Park Square development gave them the chance to have a financial contact centre on one floor.
Roadside and undercover parking will also be available at Park Square. This new development offers easy access to King Shaka International Airport and nearest freeway.
Nedport Developments (Pty) Ltd is the developer of Park Square. Nedport is a subsidiary of Nedbank Ltd. Ken Reynolds, the Director of Nedport Developments said that with Park Square's accessibility and location, business owners and investors will have a place where they can benefit from high foot traffic.
He added that communities can benefit from its lifestyle amenities and professionals will benefit from working in a connected space.
Park Square has created around 600 temporary on-site jobs excluding subcontractors and off-site labourers. This billion rand investment is set to make a huge contribution to both the local and regional economy.
The uMhlanga Ridge area has been in high demand and the amount of developable land has been sold out except for two sites in the uMhlanga Ridge Town Centre.
- BUSINESS REPORT ONLINE