Boost for Durban’s Cornubia Development

Posted On Tuesday, 16 July 2013 17:40 Published by Commercial Property News
Rate this item
(0 votes)

The inter-governmental, multibillion Rand Cornubia Development, situated north of Durban, is underway and has just received a major boost after the South African National Roads Agency Limited (SANRAL) agreed to fund the bulk of R830 million N2/M41 interchange.

CornubiaCornubia Development was initially a joint venture between the eThekwini Metro Municipality and Tongaat Hulett, but has since been adopted by Cabinet as a national priority project. All spheres of government, including the KwaZulu-Natal provincial government, are now official partners in the development.

Cornubia is a mixed use and mixed income development consisting of 1 200 hectares of the land. Of these, 80 hectares are earmarked for industrial development. The rest is for commercial, housing and other public amenities.

The development will see an additional 24 000 homes -- of which 15 000 are proposed for subsidised housing and the balance for a wide range of affordability levels -- being built.

The issue of the N2/M41 interchange had caused consternation among stakeholders, as organs of state could not agree on the funding formula.

SANRAL spokesperson Vusi Mona confirmed to SAnews that the issue has been resolved.

"We can confirm that we will fund the Cornubia interchange improvements at Mt Edgecombe. The cost of the interchange is in the order of R830 million. The contract was just awarded recently to the contractor CMC."

According to developers, the development will eventually create 370 000 temporary construction jobs and 36 000 new employment opportunities.

Cornubia Development also makes provision for social and public facilities (schools, crèches, clinics etc). Other facilities and amenities such as multi-purpose halls, post office, police stations, hotels/motels and churches will also be provided at Cornubia.

Cornubia will also boast a BRT (bus rapid transport) system, hence a multi-nodal transport interchange for taxis and buses will be planned. The general approach is that all facilities will be accessible to pedestrians and not just vehicles.

The development is strategically located (some 15km south of the new King Shaka International Airport) between the historically advantaged Mt Edgecombe/Umhlanga area and disadvantaged areas north of Durban such as Inanda, Ntuzuma, KwaMashu, Phoenix, Ottawa and Waterloo.

In an interview with SAnews, Kwanele Ncalane, spokesperson for the KwaZulu-Natal MEC for Transport, confirmed that an agreement had been reached by all parties involved regarding the funding of the interchange.

"The KwaZulu-Natal Department of Transport is going to contribute. However at this stage, we are not in a position to disclose the actual investment in the project," Ncalane said.

"The developer is to move on site by August. All parties have agreed on a cost-sharing ratio," eThekwini Metro Municipality City Manager S'bu Sithole said.

Source: SANews

 

Last modified on Wednesday, 17 July 2013 17:28

Most Popular

SA REIT Association - Chairman's message and 2021 sector outlook

Feb 02, 2021
Estienne de Klerk_Chairman of SAREIT
Real estate has long been a rewarding sector of the financial markets. Like all sectors,…

It’s cheaper to buy than to rent a home in 2021

Feb 08, 2021
Carl_Coetzee_BetterBond_CEO
If the past year has taught us anything, it is how important our homes have become to us.

Thavhani City set for more growth in 2021 as its Motor City and medical developments accelerate

Feb 15, 2021
Thavhani_City_Locality_Layout
Thavhani City mixed-use urban precinct in Thohoyandou, designed to be the future economic…

Brand new residential development in La Lucia 60% sold through Pam Golding Properties

Feb 15, 2021
Kent_Exterior
Such is the consistent high demand for centrally located, well-priced residential…

Attacq successfully concludes two disposals

Feb 01, 2021
Attacq_CIO_ Peter de_Villiers
Attacq Limited, the JSE-listed REIT and owner and developer of the iconic Waterfall…

Please publish modules in offcanvas position.