R1.5bn development for Umgeni
Eris Property Group recently announced the development of a R1.5bn décor and lifestyle business park in Umgeni, Durban at a launch event at the Beverly Hills Hotel in Umhlanga.
The Umgeni Deco & Lifestyle Park has been designed to provide 90,000m2 of commercial, retail, showroom and office space. Located within the existing Umgeni Business Park, the land is said to be the last centrally located undeveloped piece of land in Durban.
Lance Meyer, development manager at Eris Property Group explains that, in addition to its track record of demonstrated development success in the Durban area, it chose this site as part of its expanding portfolio of developments in Durban because the node is set to receive a new injection of investment.
Two phases
The development will be undertaken by Eris Property Group and Accessio Group in partnership with PRASA and Intersite Asset Investments. Construction will begin mid-2017 and the development will be constructed in two phases over the next five years.
L-R: Patrick Gombert (Intersite Asset Investments); Lukanyou Mahlati (Accessio Group); Cromet Molepo (PRASA); Lance Meyer (Eris Property Group); Nketso Nyamande (Intersite Asset Investments); Brian Alexander (PRASA).
Meyer confirms that all development and environmental approvals are in place, and the business park is ready to develop as a full site for facilities up to 90,000m2 GLA (gross lettable area) over 13,6ha.
