AREAS NORTH OF DURBAN- 2018 OVERVIEW UMHLANGA- THE DEVELOPMENT HUB
With so many up and coming new developments in the area of Umhlanga, it is difficult not to realise the potential for real estate investors and property owners in the area. The area has attracted the likes of national and international companies, who are looking to establish an A-grade image in KwaZulu Natal.
Now that we have reached 2018, developments in the area are booming, not only in Umhlanga Rocks, but noticeably on the Ridge and Umhlanga New Town Centre. The impressive Nedbank Park Square is one of the developments that will see its completion by early 2019. Buildings are available for sale, starting from approximately 2 800 sqm upwards. We also have range of premium grade commercial opportunities to lease, starting from 1 000 sqm upwards for new offices on the Ridge.
A visible trend is for tenants to relocate from areas West of- and Central Durban, to the North, closer to King Shaka International Airport. This trend has seen a lot of movement into Umhlanga, acting as a driving force to expand commercial nodes.
Rentals for the newer buildings on the Ridge are estimated to start from R 165.00 excl Vat per sqm upwards, and around R 130.00- R 140.00 excl Vat per sqm for the older buildings in areas like La Lucia and Mount Edgecombe. Properties for sale are limited at the moment, with an estimated selling price of R 25 000.00 – R 26 000.00 per sqm for commercial offices in the area.
2018 is believed to be a positive year for real estate with steady interest rates stimulating economic growth and development. Umhlanga will certainly grow under this climate, as it attracts more and more businesses.
Author: Index Property Solutions