Durban - Investec Property announced on Tuesday that the redevelopment of the old Corobrik site in Durban’s northern corridor, between Riverhorse Valley and uMhlanga, into ‘one of the largest business and logistics parks’ in KwaZulu-Natal will begin later this year.
The Corobrik factory was originally opened in 1898 and for more than 100 years, it provided bricks and other products to a range of construction users and property developers.
Investec Property, a subsidiary of Investec Bank Limited, plans to begin the top structure development in the second half of 2022.
“The Brickworks is being positioned to attract large users of the warehousing and logistics space, nationally and internationally,” said Investec Property in a statement.
Joint chief executive David Rosmarin said: “We believe that this development is also a vote of confidence in the future of KZN and South Africa. While the property market has been challenged by the pandemic and lockdowns, industrial property, in particular warehousing and logistics facilities have proven to be resilient. The growth in eCommerce has driven demand for best-in-class logistics offerings,” he said.
The company said the strategic placement of the industrial park will offer world-class facilities to a range of users, with the capacity to store and distribute goods without them being compromised.
The industrial park will be accessible to major arterial and alternative road networks.
Investec Property said the development will see 1.7 million cubic metres of earth being moved to create extensive platforms.
The Brickworks development manager from Investec Property, Iain Burns, said the large platforms will allow for the construction of warehouses, up to 100 000 m2 under roof.
“This is our biggest strategic advantage, having access to platforms of these sizes. The market has responded positively and we are in discussions with numerous users and clients,” said Burns.
Rosmarin said the first phase of construction will result in approximately 150 000 m2 of gross lettable area (GLA), worth close to R2bn.
He added that once all three phases have been developed, The Brickworks will measure in excess of 450 000 m2 of GLA at an estimated value of R6 bn.
The company said the reinvigoration of the factory site will bring ongoing sustainable long-term economic stimulus to KZN.
“The Brickworks is also a victory for the city of eThekwini, as it forms part of the city’s Economic Development Incentive Policy (EDIP), which aids investment in the city and contributes to job creation,” it said.
THE MERCURY