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A mix of residential, shopping, office and hotel complexes
may attract investment of R6bn
Cranes against the skyline indicate that the long-awaited Point Waterfront
is fast transforming a derelict precinct into a multibillion-rand property
showcase.
Anchored by the R720m uShaka Marine World, which has attracted more
than 1m visitors since 2004, medium-term planning for the 45 ha Point
precinct includes residential, shopping, office and hotel complexes.
Though the area has 1,4 km of sea frontage, it has long been an under
utilised asset.
Durban Point Development Co manager Colin Sher says many new residential
developments have opened: Point Bastille, a renovated former jail; Dock
Point, for which 25 Edwardian houses were restored; and The Quays on
Timeball, whose apartments have fetched an average of R2,2m.
"The Point is becoming an important addition to the city and a
place to live, work and play," says Sher, who estimates it will
attract investment of close on R6bn.
In April, the first section of the deep-water canal was officially opened
and construction has begun on phase two.
Neels Brink, MD of Metallon Properties, project directors for the Point
Waterfront, says this 50 m section will hold 1 900 m³ of sea water.
A drawbridge will separate deep and shallow water sections for an array
of craft.
Durban properties are trading at a significant discount to comparable
cities internationally. Sher says the precinct offers luxury apartments
at R22 000/m² against the R33 000 being asked on the Umhlanga Ridge.
The R55m Quaywest Hotel has not yet come to market. With ground-floor
restaurant facilities, it will be sold on a sectional title basis, consist
of 20 two-bedroom apartments and be managed by Three Cities Hotels.
Other developments in the pipeline are the R400m Shaka's Gate, with
220 apartments and penthouses; and Sails on Timeball, which will occupy
two prime canal-fronting sites and consist of luxury apartments, shops
and restaurants, office space and a four-star hotel.
Even if property prices cool down, the Point should still appreciate
in value since there is a finite number of properties in the waterfront
environment.
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Newsletter:
3 July 2009 to 10 July 2009 - Worcester, Western Cape, South Africa
