New R1bn development for uMhlanga
The mixed-use office and retail development will have a 4-Star Green Star design.
THERE is yet more change for the area around Gateway as the R1bn Park Square development was launched on Wednesday at the Oyster Box Hotel. The mixed-use office and retail development will be located next to Chris Saunders Park and will have a 4-Star Green Star design.
The building will serve as Nedbank Group’s flagship campus in KwaZulu-Natal. The project which is due to be completed in October 2018 will span five blocks along the perimeter of the development site, with retail space at ground level surrounded with a public piazza. In addition there will be two levels of basement parking.
Ground floor restaurants as well as a public arcade at pedestrian level will link the piazza to Chris Saunders.
According to Anand Joseph, divisional executive of Nedbank Corporate and Investment Banking Property Finance, the development will catalyze economic growth in the area.
“We believe there is long-term value to be unlocked for businesses that in invest in the province. The recent establishment of a presence in uMhlanga by many large businesses has increased the desirability as a commercial base. Development of Park Square has already started with occupation scheduled for the fourth quarter of 2018. Nedbank estimates that a labour force of approximately 600 people will be employed during the construction of the buildings,” he said.
