R10 billion for Irene developments

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09-01-2014
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Property24
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Developments and upgrades within the greater Irene area continue unabated with the announcement that the long-awaited upgrade to the Nellmapius Road Bridge over the R21 highway is on track and due for completion at the end of the first quarter of 2014.

The latest date for completion is the end of May, with no delays expected.

Org Geldenhuys, managing director Abacus Divisions, says upgrades and developments such as this are part and parcel of a decision by Irene Land Corporation, one of the major property development groups in the area, to develop approximately 500 000 square metres of bulk in the greater Irene area.

The release of the land has now been approved and is earmarked for development in a phased approach.

Geldenhuys says the bridge upgrade is part of a total package of road infrastructure upgrades in the greater Irene area, currently estimated to cost in excess of R750 million on completion – with the funding coming entirely from private property developers in the area.

Mark Streeter, a spokesperson for Irene Land Corporation, explains that the ongoing developments in the Irene area will doubtlessly see a boom.

“The road upgrades were triggered as a direct result of the release of the next phases of the Irene Central Development Plan to the marketplace,” according to Streeter.

The first parcels of land released as part of this ambitious plan were earmarked for the extension of the Irene Village Mall, and a first-of-a-kind for the Irene area - the boutique-styled Quattro Fontane estate. But it doesn’t stop there, he points out.

More mixed-use development is to be released in 2014, including residential, industrial and office estates, land for hotels, as well as property zoned for retail and business purposes, a gym and even education institutions, he says.

“The next 24 to 36 months are going to see things explode – and we are also likely to see high-rise buildings of up to six storeys being a definite part of the melting pot.”

According to Streeter, this development node should definitely be on the radar screens of developers and investors looking to be part of the action.

The development, once concluded, will represent an investment of around R10 billion.