An artist’s impression of part of a new age designed shopping centre set to be developed by Investec Property in the new Cornubia precinct.
The ground-breaking new Cornubia mixed-use “mini city in the making” north of Durban is set to see about R1.5 billion invested in a huge new shopping centre being developed by Investec Property.
This is according to Tongaat Hulett Developments (THD) which has conceptualised the multibillion-rand Cornubia project as a joint venture with the eThekwini Municipality.
Investec Property, a division of the JSE-listed Investec banking and investment group, announced recently that it had struck a deal with THD to acquire 13ha of land earmarked for retail development. It said plans for a 90 000m2 shopping centre were in the final stages of approval.
The greater Cornubia development has been identified as a national priority project in KwaZulu-Natal. The major portion of the 1 200ha site, located adjacent to Mount Edgecombe, Phoenix and across the N2 highway from Gateway, has been earmarked for housing. Commercial, industrial and other mixed-use property projects within Cornubia are being master-planned by THD.
Speaking to The Mercury, Karen Petersen, development executive for THD on the Cornubia project, hailed Investec Property’s planned investment.
“It will be a catalyst for future development at Cornubia. This is a major investment and big land project for Investec Property, who regard this [Cornubia] as the most exciting commercial and retail development in the country for the next three years,” she said.
An artist’s impression of part of a new age designed shopping centre set to be developed by Investec Property in the new Cornubia precinct.
Petersen said Investec Property’s project made up about half of the retail park node planned for Cornubia, which would ultimately make up about 26ha.
“This project was first conceptualised in 2007 as a retail node, with Investec’s professional team coming up with various designs over the years. THD has only recently come to an agreement after several months of negotiations with Investec and developer, and are now in the process of concluding the finer details of the transaction,” she said.
“Investec is still in the process of acquiring the land – part of the process is the need to obtain approval for an agricultural subdivision, prior to a full town planning application… The Environmental Impact Assessment (EIA) for the retail park node has just commenced with a successful first public meeting held in Mount Edgecombe at the end of August. Planning rights will be sought on the approval of the EIA,” she added.
“Investec believes the northern Durban and uMhlanga areas have a strength and energy that cannot be ignored… Given the large catchment and huge disposable income of Phoenix and the surrounding areas, it believes that the retail development at Cornubia will thrive off this and is confident that the development will offer a different shopping experience,” Petersen said.
Ronnie Sevitz of Investec Property said: “Architectural plans for a 90 000m2 shopping centre are in their final stages of approval. The exciting new location and the innovative design of the centre are attracting interest from prospective retail tenants.”
He said as a 1 200ha mixed-use development, Cornubia was set to change the skyline between uMhlanga and King Shaka International Airport over the next 20 years.
“The shopping centre project has been in the pipeline for over two years and we are thrilled to be able to share our building plans for Cornubia. We are engaging prospective national retailers and hope to be able to break ground in September 2013,” Sevitz said.
Commenting on the proposed design, he said Investec had worked closely with the architects to create a space that would enhance the shopping experience.
“The unique design incorporates the convenience of a retail park combined with the sophistication of a mall. In addition, the road network is integrated as part of the development so that shoppers can park and find their way into the mall with ease.
“The mall will have an open-air multi-layer structure, and the innovative design will include dedicated fashion, sporting, entertainment, child-friendly and additional food emporium sections to make it easier for consumers to find what they’re looking for. Interspersed among the shopping areas, will be a series of piazzas and landscaped open spaces, which we expect will make this a popular area and key asset for Cornubia and the surrounding areas. Cornubia will bring new meaning to the concept of retail lifestyle estates; it is new and exciting and we are extremely proud to be leading the way,” Sevitz said.
Questioned by The Mercury on how much money would be pumped into the mall project, Investec Property spokeswoman Heather Casey said they were unable to give a final figure, as planning was still being finalised.
Petersen, however, said THD envisioned that about R1.5bn was to be spent on the project.
“Part mall, part retail, the development is intended to be an integrated mall, with ample parking and free movement… It is important to see that the Cornubia retail park node will not compete with Gateway, but rather adds to it and is mutually complementary to the shopping experience offered at that shopping centre. Together the two precincts should be seen as a massive super-node,” Petersen said.
Casey agreed and said: “The intention is to create a supernode which will not necessarily compete with Gateway but which will complement trading in the greater area.
Petersen said Investec’s project represented the first land transaction in Cornubia’s retail node. It was expected to spark development of the node, which will be developed over three phases.
