R2.1bn investment set to reshape Durban’s Cornubia precinct

The first phase of the new Cornubia business park in north Durban is nearing completion, with a R200 million Leroy Merlin retail development expected to open on 16 December, as investment across the precinct exceeds R2.1 billion.

eThekwini Municipality mayor Cyril Xaba visited the development on Monday, accompanied by Fundamentum CEO Carlos Correia and the municipality’s senior management team.

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“We are excited that the investment being driven by Fundamentum in the Cornubia business park is a strong demonstration of private-sector confidence in our city and in the future of Cornubia,” Xaba said.

Approximately R500 million has already been committed to infrastructure in the precinct and the Leroy Merlin development, with Fundamentum having more than R8 billion in assets in eThekwini, including Westown Square in Shongweni, Bridge City Mall in KwaMashu and Midway Crossing Mall in Newlands West.

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Xaba mentioned that the development illustrates the role of public-private collaboration in unlocking economic opportunities and supporting growth.

“These investments are significant not only because of their financial value, but because of what they represent for our economy,” he said.

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This first phase, which includes stores such as international retailer Leroy Merlin, is expected to be completed in December.

About 300 construction jobs have been created to date, while a further 100 permanent positions are expected once the phase is completed.

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The next phase is scheduled to begin next year and will include the Emeris Campus, which is expected to accommodate about 8 000 students, as well as commercial properties. Close to 2 000 sustainable jobs are expected to be created with the commencement of this phase.

The Cornubia investment pipeline therefore combines retail, education and commercial development, with further construction activity expected from next year.

Representatives inspect the Cornubia Business Park construction site as the first phase  moves towards completion. Image: Supplied

*Phenyo Selinda is a Moneyweb intern

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