Dube TradePort provides a valuable platform for private sector investment
Thursday, July 30, 2015
Dube TradePort is in the process of building a solid foundation for its new office and retail development within the Dube City property precinct, which has already attracted some R 320 million in private investment. The construction of a 9 000 square meter double basement parking structure has begun. This is part of Dube TradePort’s strategy to attract private investment into the precinct by putting in place critical supporting infrastructure. Most important is parking infrastructure, which will create a significant advantage for developers and tenants who intend making Dube City their base of operations. By investing in structured parking, Dube TradePort reduces the costs to developers whilst securing a long term revenue stream. The first investment, a double basement parking structure, is located adjacent to Dube TradePort’s own head office, 29º South, and will accommodate 573 parkings.
“Dube TradePort is committed to developing Dube City into a thriving airport city. In fulfilling this vision, Dube City will continue to be a collaborative effort between Dube TradePort and the private sector – starting with this R200 million investment in the new double basement parking structure,” says Dube TradePort Corporation Acting CEO, Mr Hamish Erskine.
A 21 500 square meter office and retail development will be developed by Eureka Capital South Africa once the basement is complete, and will take place in three phases with the first phase totalling 6 500 square meters.
“Dube TradePort will continue to invest in infrastructure at Dube City in an effort to ensure that the developments within the precinct are valuable and sustainable for developers, investors, users and enterprises...” continued Mr Erskine.
Construction has already commenced on the site and it is expected to take a total of 18 months to complete.
Mr Michael Mabuyakhulu, MEC for Economic Development, Tourism and Environmental Affairs KwaZulu-Natal, added, “Dube TradePort continues to pave the way in attracting investment in KwaZulu-Natal as part of its mandate to drive economic development and job creation in the province. By investing in these platforms it ensures that we create fertile ground for the development of a prosperous public private partnership regime that will help us to deliver on the establishment of Dube City as the preferred hub for both international and domestic businesses.”
The magnitude of this particular portion of the development is expected to be an enormous engineering undertaking with 12 meters of excavation taking place, which will remove 80 000 cubic meters of soil from the site by some 10 000 truck loads. The project will create a total of 500 construction jobs.