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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.<\/p>\n
eThekwini Municipality mayor Cyril Xaba visited the development on Monday, accompanied by Fundamentum CEO Carlos Correia and the municipality\u2019s senior management team.<\/p>\n
Read:
Leroy Merlin to open R220m Durban store at Cornubia
SA turns to private capital to unlock R2trn infrastructure pipeline
Business and government\u2019s bold plan to bolster SA\u2019s growth<\/p>\n
\u201cWe 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,\u201d Xaba said.<\/p>\n
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.<\/p>\n
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Xaba mentioned that the development illustrates the role of public-private collaboration in unlocking economic opportunities and supporting growth.<\/p>\n
\u201cThese investments are significant not only because of their financial value, but because of what they represent for our economy,\u201d he said.<\/p>\n
Read:
eThekwini records lowest official unemployment rate of any SA metro
eThekwini wants biggest jump in tariffs, with Joburg not far behind<\/p>\n
This first phase, which includes stores such as international retailer Leroy Merlin, is expected to be completed in December.<\/p>\n
About 300 construction jobs have been created to date, while a further 100 permanent positions are expected once the phase is completed.<\/p>\n
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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.<\/p>\n
The Cornubia investment pipeline therefore combines retail, education and commercial development, with further construction activity expected from next year.<\/p>\n
Representatives inspect the Cornubia Business Park construction site as the first phase\u00a0 moves towards completion. Image: Supplied<\/p>\n
*Phenyo Selinda is a Moneyweb intern<\/p>\n
#R2.1bn #investment #set #reshape #Durbans #Cornubia #precinct<\/p>\n","protected":false},"excerpt":{"rendered":"
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