R300m shopping mall set for Umlazi

Tags

---

06-03-2013
Read : 608 times
The Mercury
Source

NEW R300 million landmark shopping centre is set to be developed in Umlazi, Durban, marking the launch of a new nodal development around the KwaMnyandu railway station near King Zwelithini Stadium and Mangosuthu University of Technology.

The sod was turned by developers and local politicians on Friday, signalling the start of construction of the KwaMnyandu Shopping Centre. The centre will consist of more than 23 000m of gross lettable area and anchored by major food retailers Pick ’n Pay and Shoprite among more than 70 retail, food and financial service offerings.

The development is a landmark for more than merely its scale. It represents a partnership between private developer Carlos Correia, of Isolenu Group Holdings, with black economic empowerment (BEE) groupings from the Umlazi community and the Passenger Rail Agency of SA (Prasa) and the eThekwini Municipality, the landowners.

Speaking at the launch, eThekwini deputy mayor and chairwoman of the economic development committee Nomvuzo Shabalala said the - municipality was supporting the development through a “public realm upgrade” and significant investment in bulk infrastructure in the busy node along the M30/Griffiths Mxenge Highway.

She said the development would act as a catalyst to further investment in the area. The municipality would be investing in nearly 200 000m of bulk infrastructure into the node over the next few years.

The public would also benefit from an upgraded KwaMnyandu station, the second busiest train station in KwaZulu-Natal that handles more than 24 000 daily commuters. It would form part of an intermodal transport hub that would allow shoppers easy access between rail and taxis.

A new taxi rank would be developed on site and more than 700 private parking bays will be created. The development has also made provision to incorporate the new proposed eThekwini bus rapid transport system, which is in the planning phase.

An agreement has also been signed between the development company, KwaMnyandu Shopping Centre (Pty) Ltd, and the municipality for pavement and cycling lanes to be built along the M30 to link King Zwelithini Stadium, the shopping

“We hope this will decrease the transport burden and make life easier and convenient for residents of this township. There are a number of spin-offs for those who are residing within the radius of this node.

“The retail sector forms a significant component of a community’s economic and social welfare,” she said.

“Such centres should not only be about job creation, but be inclusive of business opportunities for local entrepreneurs and small business. We hope to see black people owning some of the retail operations, being shareholders and managers of big retailers. We have a vision of producing a nation that is self-sufficient which will not only consume but also produce and own the means of production. Growth and development of any economy rely on entrepreneurs,” said Shabalala.

According to the municipality, construction of the centre was expected to create about 800 jobs during construction and another 250 part-time jobs and 700 permanent jobs.

Speaking at the sod-turning ceremony, Economic Development and Tourism MEC Mike Mabuyakhulu, applauded the development.

“We need to find a model to create a win-win situation. Partnerships between the private sector, government and communities are the way forward.

“This project can lend itself to other areas in the province and will prevent people moving out of their communities to areas,” he said.

Anand Joseph, KZN regional executive for Nedbank Corporate Property Finance, said that as the major financier of the development, it had provided R273m in funding.

“KwaMnyandu Shopping Centre’s position in the heart of a vital growth node identified by the eThekwini Municipality makes this a development with significant longterm community upliftment opportunities… Nedbank has long recognised the immense value that can be unlocked through forward-looking commercial partnerships that have the inherent potential to deliver lasting social sustainability,” he said.

In KZN alone, Nedbank Corporate Property Finance had approved more than R1.3 billion in propertyrelated activity for companies with black ownership, Joseph added. This further contributed to growth and transformation.

Nedbank also funded the BEE component of a 25 percent shareholding in KwaMnyandu Shopping Centre.

The BEE consortium Udengezi Holdings (Pty) Ltd consists of various organisations within Umlazi, including the Umlazi Business Transport Forum and the Indonsa Trust of informal traders surrounding KwaMnyandu railway station, among others.

KwaMnyandu Shopping Centre, which will have about 120 000 people living within a 2km radius, is expected to open by Easter next year.